State RegulationsGA specificDifficulty 2/5
A Georgia applicant proposes new life insurance in an amount that exceeds the insurance being surrendered under an existing policy. Which Georgia statute establishes the prerequisites for this transaction?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
O.C.G.A. § 33-24-6.1 sets out the prerequisites that apply when an applicant proposes new life insurance exceeding the insurance being surrendered under an existing policy — the statutory core of Georgia's replacement rules, implemented through Reg. 120-2-24. Knowing which statute anchors replacement questions keeps the other life-insurance sections from being conflated with it.
Why the other options are wrong
- A) O.C.G.A. § 33-24-3 defines insurable interest, not replacement prerequisites.
- B) O.C.G.A. § 33-25-8 is the life policy free-look provision.
- C) O.C.G.A. § 33-24-7 is the representations statute — application statements are representations, not warranties.
Memory hook
Six point one when new beats old.