Georgia § 33-26-6-2 Premium payment cap on whole life insurance policies

Georgia Statutes

§ 33-26-6-2 — Premium payment cap on whole life insurance policies

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

(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.

Georgia § 33-26-6-2 (Premium payment cap on whole life insurance policies) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.