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2018 Georgia Code 33-31-3 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 33-31-3 Case Law from Google Scholar Amendments to OCGA 33-31-3

TITLE 33 INSURANCE

Section 31. Credit Life Insurance and Credit Accident and Sickness Insurance, 33-31-1 through 33-31-12.

ARTICLE 2 PREFERRED PROVIDER ARRANGEMENTS

33-31-3. Issuance of policies generally.

Credit life insurance and credit accident and sickness insurance shall be issued only in the following forms:

  1. Individual policies of life insurance issued to debtors on the term plan;
  2. Individual policies of accident and sickness insurance issued to debtors on a term plan or disability provisions in individual policies of credit life insurance;
  3. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and
  4. Group policies of accident and sickness insurance issued to creditors on a term plan insuring debtors or disability provisions in group life policies to provide the coverage.

(Code 1933, § 56-3303, enacted by Ga. L. 1960, p. 289, § 1.)

JUDICIAL DECISIONS

Insurable interest may not exceed indebtedness to be secured.

- Creditor has, for the purpose of indemnification against loss, but for no other, an insurable interest in the life of a debtor; and this interest cannot exceed in amount that of the indebtedness to be secured. Such indebtedness may, however, include the cost of taking out and keeping up the insurance, if made a charge against the debtor or the debtor's estate, or upon the proceeds of the policy when collected. Vulcan Life & Accident Ins. Co. v. United Banking Co., 118 Ga. App. 36, 162 S.E.2d 798 (1968).

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