Georgia Laws, Rules, and Regulations Pertinent to Life, Accident, and Sickness Insurance
Why does Georgia's definition of insurance mention a plan for distributing individual losses?
Answer and explanation
Answer: D. Section 33-1-2(4) defines insurance as a contract which is an integral part of a plan for distributing individual losses, alongside indemnity or payment on determinable contingencies. The pooling element is what marks insurance off from an ordinary promise, and it neither limits the line, the corporate form, nor the filing status.Source: O.C.G.A. § 33-1-2 — 33-1-2(4), Distributing individual losses
More georgia laws, rules, and regulations pertinent to life, accident, and sickness insurance questions
- 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?
- Which of these does section 33-6-4(2) expressly cover?
- Which relationships does Georgia's definition of controlled business reach?
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