A Georgia producer recommends that a client surrender an existing life policy and purchase a new one from a different insurer. After the new policy is delivered, how long does the applicant have to examine the policy and return it for a full refund of premium?

Why A is correct

Under O.C.G.A. § 33-25-8 and Reg. 120-2-24, a life insurance replacement in Georgia carries a 10-day free-look period measured from receipt of the policy; the replacement notice (Exhibit A under Reg. 120-2-24) reflects this 10-day examination right. If the policy is returned within the period, the insurer refunds the premium in full and the policy is treated as if it never took effect. The 20-day figure comes from the NAIC model regulation and is a common distractor, not Georgia law.

Why the other options are wrong

• B) 20 days is the NAIC-model replacement free look; Georgia keys the examination period to the 10-day rule of O.C.G.A. § 33-25-8 and Reg. 120-2-24.
• C) 30 days is the Medigap free-look figure under § 33-43-6, not the life replacement examination period.
• D) 60 days has no basis in Georgia life free-look law and is far longer than the statutory 10-day right.

Memory hook

Replacement or not, Georgia's life free look is 10 days — think 'ten to inspect.'