State RegulationsGA specificDifficulty 2/5
A Columbus, Georgia resident owns an individual accident and sickness policy with quarterly premium payments and forgets to pay the premium due this quarter. For how long does the grace period keep the policy in force?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under O.C.G.A. § 33-29-3(b)(3), the grace period for individual A&S policies is 30 days for every premium mode other than weekly and monthly. A quarterly-pay policy thus remains in force for 30 days after the due date, and the insured may continue coverage without interruption by paying the overdue premium during that window.
Why the other options are wrong
- A) 7 days is the weekly-premium grace period, which does not apply to a quarterly mode.
- B) 10 days is the monthly-premium grace period, which does not apply to a quarterly mode.
- D) There is no 60-day A&S grace period; 60 days appears in Georgia law as the waiting period before suit under O.C.G.A. § 33-29-3(b)(11), not as a grace period.
Memory hook
Anything longer than monthly gets the standard 30.