P&CGeorgiamedium
O.C.G.A. § 33-24-18 requires that every insurance policy issued for delivery in Georgia must contain certain mandatory provisions. Which of the following is among the items the statute requires every Georgia policy to specify?
AThe compensation paid to the producer on the transaction
BA toll-free number for the Georgia Insurance Department's anti-fraud hotline only
CThe insurer's most recent A.M. Best financial strength rating
The parties, subject, risks, period, premium, and conditions
Why this is the answer
O.C.G.A. § 33-24-18 sets out the minimum content of every insurance policy issued for delivery in Georgia. The statute requires that the policy specify (1) the names of the parties, (2) the subject of insurance, (3) the risks insured against, (4) the time the coverage takes effect and the period it continues, (5) the premium, and (6) the conditions pertaining to the insurance. Producer compensation, fraud hotlines, and A.M. Best ratings are not required by this provision.
Studying for the Georgia Property & Casualty exam?
This question comes from our P&C bank. Take a free practice test — no signup.