In the event of a total loss of property, if an insurer shall pay to the insured an amount less than the maximum amount authorized to be paid under an insurance policy covering the property, the insurer shall refund to the insured the difference between the amount of premiums actually paid for the insurance policy and the amount of premiums which would have been charged for a property insurance policy having a maximum amount payable equal to the amount actually paid by the insurer to the insured.
(Ga. L. 1895, p. 51, § 1; Civil Code 1895, § 2110; Civil Code 1910, § 2545; Code 1933, § 56-701; Code 1933, § 56-3205, enacted by Ga. L. 1960, p. 289, § 1.)
RESEARCH REFERENCES
ALR.
- Divisibility of fire insurance policy as regards subjects of insurance as affected by the fact that premium is payable at a named rate per one hundred dollars of insurance, 129 A.L.R. 651.
Rights, in respect of premiums paid but unearned or premiums earned but unpaid, between property insurer and lessor, under policy taken out by lessee, 143 A.L.R. 1463.
Validity, construction, and effect of insurance policy provision requiring insured to maintain coverage to specified value of property (coinsurance clause), 43 A.L.R.3d 566.