Georgia Laws, Rules, and Regulations Pertinent to Life, Accident, and Sickness Insurance
Georgia's definition of insurance contains an element that many state definitions leave out. Which is it?
Answer and explanation
Answer: A. Section 33-1-2(4) defines insurance as a contract which is an integral part of a plan for distributing individual losses whereby one undertakes to indemnify another or to pay a specified amount or benefits upon determinable contingencies. The loss-distribution element sits alongside indemnity, while filing, licensure, and beneficiary designation are separate requirements found elsewhere.Source: O.C.G.A. § 33-1-2 — 33-1-2(4), Insurance defined
More georgia laws, rules, and regulations pertinent to life, accident, and sickness insurance questions
- Which activity places a person within Georgia's counselor definition?
- Which conduct appears among the grounds on which the Georgia Commissioner may refuse, suspend, or revoke a license?
- Which conviction is a ground for license action under section 33-23-21?
- Which enumerated practice concerns an insurer that does not try to settle when liability is clear?
- Which forms of communication does section 33-6-4(1) name?
- Which of these appears in section 33-23-21 even though it does not concern insurance conduct?
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