State RegulationsGA specificDifficulty 1/5
An individual accident and sickness insurance policy issued in Georgia has premiums payable weekly. The insured misses a premium payment. How long is the grace period before the policy lapses?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under O.C.G.A. § 33-29-3(b)(3), the grace period for individual accident and sickness policies is mode-based: 7 days for weekly-premium policies, 10 days for monthly-premium policies, and 30 days for all other modes. A weekly-premium policy therefore provides only a 7-day grace period, after which the policy lapses if the premium is not paid.
Why the other options are wrong
- B) 10 days is the grace period for monthly-premium policies, not weekly-premium policies.
- C) 14 days is not a grace period recognized in Georgia's A&S standard provisions.
- D) 30 days applies to policies on premium modes other than weekly or monthly, such as quarterly or annual.
Memory hook
Weekly = 7: one week's grace for a weekly bill.