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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES
Rule 120-2-26-.05 - Disclosure of Note Obligation
Universal Citation: GA Rules and Regs r 120-2-26-.05
Current through Rules and Regulations filed through March 20, 2024
(1) The fact that a promissory note is to be executed by the insured must:
(a) Be set
forth in the Application, preceding the applicant's signature;
(b) Show the amount of the note for
premiums;
(c) Specify the true rate
of interest of the note;
(d) Give
the amount of any down payment made at the time of taking the application;
and
(e) If applicable, State the
fact that the note becomes due and payable in full upon any default in premium
payment.
(2) A down payment of at least ten dollars ($10.00) must be paid by the insured at the time the application is signed.
(3) The down payment must be paid by the applicant in cash, or its equivalent, and any payment made directly or indirectly by the agent to or for the benefit of the applicant in connection with the sale shall be presumed to be a rebate or special inducement.
O.C.G.A. Sec. 33-2-9, Ch. 33-6.
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