State RegulationsGA specificDifficulty 1/5
An individual accident and sickness insurance policy issued in Georgia requires weekly premium payments. After a premium's due date passes, how long is the grace period before the policy may lapse for nonpayment?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under O.C.G.A. § 33-29-3(b)(3), the grace period for individual accident and sickness policies is mode-based: 7 days for weekly-premium policies, 10 days for monthly-premium policies, and 30 days for all other policies. A weekly-pay policy therefore stays in force for 7 days after the due date, and coverage continues if the overdue premium is paid within the grace period.
Why the other options are wrong
- B) 10 days is the grace period for monthly-premium A&S policies, not weekly ones.
- C) 30 days applies only to A&S policies with premium modes other than weekly or monthly, such as quarterly or annual.
- D) A flat 31-day grace period is not an A&S rule in Georgia; the individual life grace period is 30 days under O.C.G.A. § 33-25-4.
Memory hook
Weekly = 7: one day of grace for each day of the week.