P&CGeorgiamedium
Under O.C.G.A. § 33-24-4, at what point must an insurable interest exist for a Georgia property insurance contract to be enforceable?
AOnly at the inception of the policy
BAt inception and at each renewal date
CAt both inception and the time of loss
At the time of loss, not at inception
Why this is the answer
O.C.G.A. § 33-24-4 requires that an insurable interest in property exist at the time of loss for the contract to be enforceable. Georgia, unlike some states, does not require insurable interest at policy inception for property coverage. This rule contrasts with life insurance under § 33-24-3, where insurable interest must exist at inception. The 'time of loss' rule allows owners who later acquire property, or who acquire mortgage interests after policy issuance, to recover.
Studying for the Georgia Property & Casualty exam?
This question comes from our P&C bank. Take a free practice test — no signup.