Georgia Life Insurance (GA)
The state of Georgia has laws and regulations that help to protect both consumers and insurers.
Georgia Life Insurance Laws Protecting Consumers (GA)
Title 33 of the Official Code of Georgia: The insurance industry is regulated for your protection. Both claims procedures and policy requirements fall within these laws.
Life insurance policyholders in the state of Georgia are allowed 10 days to decline a new policy without a penalty.
30 Day Grace Period: This allows policyholders to be a month late with a payment without worry of their policy being terminated by the insurer.
All claims must be settled in a timely manner. Although no exact time frame is stated, after 30 days of receipt of proof of death, all benefits will begin to collect interest, payable to the beneficiary.
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Georgia Life Insurance Regulations Protecting Insurers (ga)
Insurance companies are also given protection under Title 33, including the following:
- Any misrepresentation or fraudulent statements on an application for life insurance may result in policy termination and refund of payments. The insurer has up to two years to contest any potential findings from the policy’s effective date. Any findings regarding age will only result in recalculation of death benefits.
Additional Georgia Life Insurance Regulations (GA)
Viatical settlements are an agreement between an insured individual and a third party that is responsible for all premium payments, and in turn is the life insurance policy’s sole beneficiary. Viatical settlements are both legal and regulated in the state of Georgia.
In the event that your life insurance company becomes insolvent, Georgia Life & Health Insurance Guaranty Association, a state run organization, will help to cover your life insurance policy.
Limits are set at $300,000 per insured individual through the Guaranty Association. Even if an individual holds multiple policies totaling more than $300,000, the limit stays the same. To qualify for this protection, your insurer must be licensed in the state of Georgia and your policy premiums must be up to date.
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