Florida Life and Health Insurance License Practice Test

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What is the maximum fixed interest rate permitted on a life policy loan in Florida?

  1. 8%

  2. 10%

  3. 12%

  4. 15%

The correct answer is: 10%

In Florida, the maximum fixed interest rate permitted on a life policy loan is 10%. Option A, 8%, is incorrect because it is below the maximum limit allowed. Option C, 12%, and Option D, 15%, are both incorrect as they exceed the maximum limit allowed. It is important to note that while the maximum fixed interest rate in Florida is 10%, individual insurance policies may have lower interest rates set by the insurance company. Therefore, it is always important to check with the specific insurance policy before taking out a life policy loan.

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