The national guide explains term, whole life, universal, variable and indexed products, endowments and special-use policies. This page covers the Georgia rules for industrial life, variable products and group life.

Industrial life (O.C.G.A. 33-26)

• Industrial life insurance pays no more than $2,000 on a single life, not counting accidental death benefits. Premiums are payable monthly or more often (33-26-1).
• An insurer may not issue more than $2,000 of industrial life on one person (33-26-6.1).
• An industrial whole life policy can't allow total premiums above 150% of the face amount (33-26-6.2).

Variable life and annuities

• Variable life puts cash values in separate accounts, so the owner bears the investment risk.
• Georgia's variable products license requires:
  • an agent license with the life class
  • an 8-hour variable prelicensing course
  • FINRA registration (Series 6, 7, IR or GS)

Group life (O.C.G.A. 33-27)

• An employer group must cover at least two employees at issue.
• 31-day grace period. Incontestable after two years, except for nonpayment.
• Conversion:
  • Apply within 31 days of leaving the group, with no evidence of insurability.
  • If the whole plan ends, people insured at least five years may convert.
  • Death during the conversion period is paid as a group claim.
• The insurer may pay up to $500 toward funeral or last-illness expenses.

Exam traps

• Industrial life is capped at $2,000 per life, and total premiums can't exceed 150% of the face amount.
• The variable license needs life + 8 hours + FINRA.
• Group conversion: 31 days, or 5 years of coverage when the plan ends.