Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES
Rule 120-2-24-.03 - Definitions

(1) "Advertisement" shall be defined as set forth in Chapter 120-2-11 of the Rules and Regulations of the Georgia Insurance Department, entitled "Advertising of Life Insurance and Annuity Contracts," at Rule 120-2-11-.03.

(2) "Agent" means any person licensed by this state as a life insurance agent or counselor.

(3) "Annuity" means a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the contract, but does not cover the proceeds of life insurance no matter how payable.

(4) "Commissioner" means the Insurance Commissioner of the State of Georgia.

(5) "Conservation" means any attempt by the existing insurer, its agent or a counselor to discourage a policyowner from the replacement of existing life insurance. A conservation does not include routine administrative procedures such as late payment reminders or late payment or reinstatement offers.

(6) "Direct response insurer" means an insurer that does not utilize an agent or counselor in the sale or delivery of the policy.

(7) "Existing insurer" means the insurer whose policy is or is proposed to be replaced.

(8) "Existing life insurance" means any in-force life insurance, including life insurance under a binding or conditional receipt or within the unconditional refund period.

(9) "Insurer" shall include any individual, corporation, association, partnership, or any other legal entity which is defined as an "Insurer" in the Georgia Insurance Code or issues life insurance or annuity contracts for delivery in this State.

(10) "Policy Summary" shall be defined as set forth in Chapter 120-2-31 of the Rules and Regulations of the Georgia Insurance Department, entitled "Life Insurance Solicitation Regulation," at Rule 120-2-31-.04(8), and as required under Rule 120-2-31-.05.

(11) "Replacing insurer" means the insurer that issues or is proposed to issue a new policy or annuity that is a replacement of existing life insurance.

(12) "Replacement" means any transaction in which new life insurance or an annuity has been or is to be purchased, and the proposing agent or counselor or the proposing insurer if no agent or counselor is involved, knows or should know that because of such transaction, existing life insurance has been or is to be: