Rule 120-2-27-.05 - Disability Benefit Provisions in Credit Life Insurance Policies(1) If a credit life insurance policy otherwise meeting the requirements of Rule 120-2-27-.04, also provides for payment of the policy proceeds in the event of the loss of two limbs or in the event of the complete loss of eyesight, the insurer may charge a rate not to exceed one percent (1%) more than the rates set forth in Rule 120-2-27-.03.(2) If a credit life insurance policy otherwise meeting the requirements of Rule 120-2-27-.04 provides for payment of the policy proceeds in the event of the loss of a single limb or in the event of the loss of the sight of one eye, the insurer may charge a rate not to exceed three percent (3%) more than the rates set forth in Rule 120-2-27-.03.(3) If a credit life insurance policy otherwise meeting the requirements of Rule 120-2-27-.04 provides for payment of the policy proceeds in the event of total and permanent disability, other than as set forth in subsections 120-2-27-.05(1) and 120-2-27-.05(2) above, the Commissioner may authorize an appropriate increase in the premium rates set forth in Rule 120-2-27-.03.Ga. Comp. R. & Regs. R. 120-2-27-.05
Ga. L. 1960, pp. 289, 305, 333, 393, 657, 714, 734, 747, 750.
Original Rule entitled "Disability Benefit Provisions in Credit Life Insurance Policies" adopted. F. Mar. 8, 1977; eff July 1, 1977, as specified by the Agency.Submitted for Publishing: Apr. 6, 2007.