Right of Person to Whom Policy or Contract Issued to Return Policy or Contract and Receive Premium Refund; Effect of Return; Proof of Return

  1. Law
  2. Georgia Code
  3. Insurance
  4. Life Insurance
  5. Right of Person to Whom Policy or Contract Issued to Return Policy or Contract and Receive Premium Refund; Effect of Return; Proof of Return

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  1. Every individual life insurance policy or contract issued for delivery in this state, except those issued in connection with a credit transaction, shall have printed on or attached to the contract a notice stating in substance that the person to whom the policy or contract is issued shall be permitted to return the policy or contract within ten days after receipt thereof and to have the premium paid refunded if, after examination of the policy or contract, the purchaser is not satisfied with it for any reason.
  2. If the purchaser, pursuant to such notice, returns the policy or contract to the insurer at its home or branch office or to the agent through whom it was purchased, it shall be void from the beginning and the parties shall be in the same position as if no policy or contract had been issued.
  3. Without limiting any other method of returning a policy or contract under this Code section, it shall be prima-facie evidence of the fact and date of return of a policy or contract if the policy or contract is dispatched by certified mail or statutory overnight delivery to the insurer or agent, as provided in this Code section, and a return receipt provided by the United States Postal Service or the commercial delivery company is obtained.
  4. A person shall be deemed to have received a policy or contract for purposes of subsection (a) of this Code section if there has elapsed a period of six months from the effective date of the policy or contract or if there has elapsed a period of time from the effective date of the policy or contract during which there have been sent to the person two premium notices or other such statements of policy or contract activity, whichever period is longer.

(Code 1933, § 56-2511, enacted by Ga. L. 1979, p. 786, § 3; Ga. L. 1993, p. 483, § 7; Ga. L. 2000, p. 1589, § 8; Ga. L. 2019, p. 386, § 80/SB 133.)

The 2019 amendment, effective July 1, 2019, deleted "on or after July 1, 1979" following "delivery in this state" near the middle of subsection (a).

Editor's notes.

- Ga. L. 2000, p. 1589, § 16, not codified by the General Assembly, provides that the amendment to subsection (c) is applicable with respect to notices delivered on or after July 1, 2000.


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