Georgia Rules & Regulations Ch. 120-2

What this document is

Georgia Rules & Regulations Ch. 120-2 - Life Insurance and Annuity Contract Regulation: Subjects 120-2-11 (Advertising of Life Insurance and Annuity Contracts), 120-2-22 (Georgia Variable Annuity Contract Regulation), 120-2-24 (Replacement of Life Insurance Policies), 120-2-31 (Life Insurance Solicitation Regulation), 120-2-32 (Variable Life Insurance), 120-2-94 (Suitability in Annuity Transactions) is a state statute published by Georgia (see note). It is one of the Georgia documents that insurance license exam questions are written from, including georgia life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• O.C.G.A. tit. 33 Rule 120-2-32-.05(3)(j) (Variable Life Insurance Policy Requirements, beneficiary designation)

  “a provision setting forth conditions or requirements as to the designation, or change of designation, of a beneficiary and a provision for disbursement of benefits in the absence of a beneficiary designation;”

• O.C.G.A. tit. 33 Rule 120-2-32-.05(3)(m) (Variable Life Insurance Policy Requirements, incontestability)

  “a provision that the policy shall be incontestable by the insurer after it has been in force for two (2) years during the lifetime of the insured; provided, however, that any increase in the amount of the policy's death benefits subsequent to the policy issue date, which increase occurred upon a...”

• O.C.G.A. tit. 33 Rule 120-2-32-.05(3)(u) (Variable Life Insurance Policy Requirements, nonforfeiture benefits)

  “a provision for nonforfeiture insurance benefits which may include a reasonable minimum cash value below which reduced paid-up insurance, extended term insurance and settlement options will not be available. The policy may not provide for a minimum cash surrender value.”

• O.C.G.A. tit. 33 Rule 120-2-32-.05(3)(c) (Variable Life Insurance Policy Requirements, reinstatement)

  “For scheduled premium policies, a provision that the policy will be reinstated at any time within two years from the date of default upon the written application of the insured and evidence of insurability, including good health, satisfactory to the insurer, unless the cash surrender value has been...”

• Ga. Comp. R. & Regs. 120-2-24-.05(2)(a) (Replacement of Life Insurance Policies, Duties of Agents)

  “(2) Where a replacement is involved, the agent shall: (a) Present to the applicant, not later than at the time of taking the application, a Replacement Notice as described in Exhibit A or other substantially similar form approved by the Commissioner. The Replacement Notice shall be signed by both...”

• Ga. Comp. R. & Regs. 120-2-94-.06(1)(d) (Suitability in Annuity Transactions, Documentation obligation)

  “(d) Documentation obligation. A producer shall at the time of recommendation or sale: (i) Make a written record of any recommendation and the basis for the recommendation subject to this regulation; (ii) Obtain a consumer signed statement on a form substantially similar to Appendix B documenting:...”

• Ga. Comp. R. & Regs. 120-2-31-.05(1) (Life Insurance Solicitation Regulation, Disclosure Requirements)

  “(1) Prior to soliciting, procuring or receiving an application, the insurer shall provide, to all prospective purchasers, a Buyer's Guide. The insurer shall also provide to all prospective purchasers a Policy Summary prior to accepting the applicant's initial premium or premium deposit, unless the...”

• Ga. Comp. R. & Regs. 120-2-32-.05(3)(f) (Variable Life Insurance, Mandatory Policy Provisions)

  “(f) a provision that at any time during the first eighteen (18) months of the variable life insurance policy, so long as premiums are duly paid the owner may exchange the policy for a policy of permanent fixed benefit life insurance on the life of the insured for the same initial amount of...”

Practice this material

Questions about this source

More Georgia sources

• O.C.G.A. s. 33-6-4: Enumeration of unfair methods of competition and deceptive actsState statute
• O.C.G.A. Title 33, Chapter 29 - Individual Accident and Sickness Insurance (complete chapter, §§ 33-29-1 to 33-29-22)State statute
• Georgia Rules & Regulations Ch. 120-2 - Accident and Sickness Insurance: Subjects 120-2-12 (Advertising Accident and Sickness Insurance) and 120-2-59 (Standard Claim Form for Accident and Sickness Insurance)State statute
• Georgia Rules & Regulations Ch. 120-2 - Group Health Insurance: Subjects 120-2-48 (Group Coordination of Benefits) and 120-2-67 (Portability and Renewability)State statute
• Georgia Rules & Regulations Ch. 120-2, Subject 120-2-10 - Regulations Regarding Insurance Contract (Rules 120-2-10-.01 through -.14, including -.11A)State statute
• Georgia Rules & Regulations Ch. 120-2 - Subjects 120-2-8 (Medicare Supplement Insurance) and 120-2-16 (Long Term Care Insurance), minimum standardsState statute
• O.C.G.A. Title 33 Chapter 1 - General Provisions of the Georgia Insurance Code (§§ 33-1-1 through 33-1-28, 31 sections)State statute
• O.C.G.A. Title 33 Chapter 14 - Organization and Corporate Procedures of Stock and Mutual Insurers (§§ 33-14-1 through 33-14-128, 78 sections)State statute