State RegulationsGA specificDifficulty 1/5
A Georgia applicant replaces an existing life insurance policy with a new individual policy. How long after receiving the new policy does the applicant have to return it for a full refund of premium?
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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 Reg. 120-2-24, a replacement life policy carries the same 10-day examination right as any individual life policy: the applicant may return it within 10 days after receipt for a full refund of premium, and the policy is void from the beginning. The Exhibit A notice in Reg. 120-2-24 reflects this 10-day right, so a replacing producer must never quote a longer examination period to the applicant.
Why the other options are wrong
- B) Twenty days is the NAIC-model replacement free look some prep vendors teach; Georgia's statute and Reg. 120-2-24 give only 10 days.
- C) Thirty days is the free look for Medicare supplement policies under O.C.G.A. § 33-43-6, a different product with a different examination period.
- D) Sixty days is not a Georgia examination period for any individual life or replacement policy.
Memory hook
Georgia gives ten — not the NAIC-model twenty.