State RegulationsGA specificDifficulty 1/5
A producer in Savannah sells an individual accident and sickness policy with monthly premium payments. How long is the grace period for this policy?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under O.C.G.A. § 33-29-3(b)(3), Georgia sets the A&S grace period by premium mode: 7 days for weekly, 10 days for monthly, and 30 days for all other policies. A monthly-premium A&S policy therefore carries a 10-day grace period, during which the policy remains in force if the overdue premium is paid.
Why the other options are wrong
- A) 7 days is the grace period for weekly-premium A&S policies, not monthly ones.
- C) 30 days is the grace period for all A&S premium modes other than weekly and monthly.
- D) 45 days is not a grace figure; the 45th day appears in the A&S reinstatement rule under O.C.G.A. § 33-29-3(b)(4) as the effective date of reinstatement absent insurer approval.
Memory hook
Monthly math: 10 days, about a third of the month.