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2018 Georgia Code 33-28-1 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 33-28-1 Case Law from Google Scholar Amendments to OCGA 33-28-1

TITLE 33 INSURANCE

Section 28. Annuity and Pure Endowment Contracts, 33-28-1 through 33-28-7.

ARTICLE 4 UNDERWRITING AND RATE RISKING

33-28-1. Definitions.

As used in this chapter, the term:

  1. "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. The term does not cover the proceeds of life insurance no matter how payable.
  2. "Pure endowment" means a contract under which one party in return for stipulated payment is obligated to pay a fixed sum if and only if the person designated in the contract survives a certain period specified in the contract.
  3. "Reversionary annuity" means an annuity contract under which the person otherwise entitled to the proceeds is not to receive any payments unless that person survives another person or persons specified in the contract.

(Code 1933, § 56-2601, enacted by Ga. L. 1960, p. 289, § 1.)

JUDICIAL DECISIONS

Annuities were not insurance in Georgia prior to 1960. Chatham County Hosp. Auth. v. John Hancock Mut. Life Ins. Co., 325 F. Supp. 614 (S.D. Ga. 1971).

Cited in King v. Travelers Ins. Co., 202 Ga. App. 568, 415 S.E.2d 176 (1992); Silliman v. Cassell, 292 Ga. 464, 738 S.E.2d 606 (2013).

RESEARCH REFERENCES

Am. Jur. 2d.

- 43 Am. Jur. 2d, Insurance, § 5.

1C Am. Jur. Pleading and Practice Forms, Annuities, § 2.

C.J.S.

- 44 C.J.S., Insurance, §§ 4, 5.

ALR.

- Annuitant's right to corpus or capital sum in lieu of annuity, 54 A.L.R.2d 361.

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