Georgia rules and codes pertinent to life insurance

A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the due date of the premium in default?

60 days

Entire Contract

included the policy, policy application, and any riders or endorsements added to the policy

Whenever agents submit applications to insurers, they must also submit statements, signed by the applicant and agent, disclosing the involvement of

replacement

Nonforfeiture values

the benefits of a life insurance policy that the policyowner does not forfeit (lose) even if the policy lapses.

Who is responsible for the contents of life insurance advertising?

the insurer

In replacement, an existing insurer must provide policyowners with a policy summary for existing life insurance within how many days of receiving the written communication and replacement?

10 days

the purpose of life insurance solicitation regulation

to provide buyers with information which will improve their ability to select the most appropriate policy, improve their understanding of the basic features of the policy, and improve their ability to evaluate the relative costs of similar plans of life insurance.

What is the minimum age for purchasing a life insurance policy in this state?

15 years old

An insured recently discovered that the interest rate on his policy loan once again increased. Which of the following is the shortest amount of time that could have passed since the last change in the insured's interest rate?

3 months

For how long are insurers required to maintain records pertaining to life insurance solicitation?

3 years

When a policy is replaced, replacing insurers must maintain a replacement register regarding that policy for

3 years

What is the maximum allowed rate of interest on policy loans from life insurance?

8%

replacement

any transaction in which new life insurance or new annuity is to be purchased

conservation effort

discourage a policyholder from replacing an existing policy

The regulation on life insurance solicitation does not apply to ?

does not apply to the sale of annuities, credit life and group life insurance, variable life insurance policies, and life insurance policies issued in connection with pension and welfare plans that are subject to ERISA.

Which of the following terms will be permissible in describing a life insurance policy in company advertisements?

variable plan

When a policy is being replaced, the replacing company notifies the

Replacement company.

What is the purpose of Life Insurance Solicitation regulation?

To help consumers compare life insurance products in regard to their relative cost