State RegulationsGA specificDifficulty 1/5
Under Georgia law, an insurable interest in another person exists when the applicant has:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under O.C.G.A. § 33-24-3(a), an insurable interest in another person exists where the applicant has a reasonable expectation of pecuniary advantage through the other person's continued life, health or safety, or a substantial interest founded on love and affection between individuals closely related by blood or law. Pecuniary stakes or close family affection — not paperwork or tenure — supply the interest.
Why the other options are wrong
- B) The insured's written permission is the separate consent requirement under O.C.G.A. § 33-24-6; it does not create an insurable interest.
- C) Georgia law imposes no two-year business-relationship test for insurable interest.
- D) Notarized family authorization is not the statutory test; the interest must be pecuniary or founded on a close blood or legal relationship.
Memory hook
Money or love — that's the interest.