O.C.G.A.
O.C.G.A. § 33-26-6.2 (2019)
Premium payment cap on whole life insurance policies
✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) No insurer shall issue a policy which allows for the collection or payment of premiums which in the aggregate will be greater than 150 percent of the face amount of the policy.
(b) This Code section shall apply to industrial whole life policies, which are policies which may be kept in force for a person’s whole life and which pay a benefit upon the person’s death, whenever such death occurs, or policies which may have a designated age certain, as specified in the policy, when premium payments would cease.
History
Code 1981, § 33-26-6.2, enacted by Ga. L. 2002, p. 572, § 3.
Notes of Decisions
Cited in 1
case, 2019–2019 · leading case: Barrett v. The Kemper Corp. (S.D. Ga. 2019).
Barrett v. The Kemper Corp. (S.D. Ga. 2019). “Barrett ultimately paid over $14,000 for a policy with a $5,000 death benefit somehow renders the contract unenforceable.”
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