State RegulationsGA specificDifficulty 3/5
More than ten days after receiving a replacement life policy, a Georgia applicant decides she no longer wants the coverage and asks whether she can still return it for a full premium refund. The producer should explain that:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under O.C.G.A. § 33-25-8 and the Exhibit A notice in Reg. 120-2-24, the applicant's examination right on a replacement life policy lasts 10 days after receipt — no longer. Once more than ten days have passed, the full-refund right has expired, so the producer must tell the applicant the period is closed rather than extend it by word or implication.
Why the other options are wrong
- B) Twenty days is the NAIC-model figure and a documented distractor; Georgia keys 10 days on replacements.
- C) Thirty days is the Medicare supplement free look under O.C.G.A. § 33-43-6, not a life replacement rule.
- D) The right does not run to the next premium due date; it is a fixed 10-day examination period.
Memory hook
Ten and then it's spent.