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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS
Rule 120-2-27-.04 - Requirements for Standard Credit Life Premium Rates
Current through Rules and Regulations filed through September 23, 2024
The premium rates set forth in Rule .03 of this Regulation assume at least the following minimum policy provisions and requirements:
(1) The policy contains no provision which excludes or restricts liability for death other than as a result of suicide occurring within one year of the incurred indebtedness.
(2) The policy contains no age restrictions whatsoever, or the only age restrictions contained in the policy are those which make ineligible for coverage debtors who have attained age seventy (70) at the time the indebtedness is incurred or debtors who will have attained age seventy-one (71) prior to the maturity date of the indebtedness. However, coverage shall remain in effect and benefits shall be payable to the beneficiaries under the policy or certificate, notwithstanding the age of the debtor, in cases where an individual policy or certificate is issued to a debtor who has correctly stated his age on the application for insurance.
O.C.G.A. Sec. 33-2-9.
