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

  1. Law
  2. Georgia Code
  3. Insurance
  4. Annuity and Pure Endowment Contracts
  5. Right of Person to Whom Contract Issued to Return Contract and Receive Premium Refund; Effect of Return; Proof of Return

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  1. Every annuity, reversionary annuity, or pure endowment contract issued for delivery in this state, except group annuities, shall have printed on or attached to the contract a notice stating in substance that the person to whom the annuity or contract is issued shall be permitted to return the annuity or contract within ten days after receipt thereof and to have the premium paid refunded if, after examination of the annuity or contract, the purchaser is not satisfied with it for any reason.
  2. If the purchaser, pursuant to such notice, returns the annuity 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 annuity or contract had been issued.
  3. Without limiting any other method of returning an annuity or contract under this Code section, it shall be prima-facie evidence of the fact and date of return of an annuity or contract if the annuity 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.

(Code 1933, § 56-2605, enacted by Ga. L. 1979, p. 786, § 4; Ga. L. 1982, p. 3, § 33; Ga. L. 2000, p. 1589, § 9.)

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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