Ga. Comp. R. & Regs. 120-2-27-.12
An insurer may collect premiums on either a single premium basis or on a monthly outstanding balance basis. However, if the creditor adds identifiable insurance charges or premiums for credit insurance to the total amount of indebtedness, the creditor shall be deemed to have loaned the premium or insurance charge to the debtor and the premium or the insurance charge shall be deemed to have been collected by the insurer as soon as it is added to the indebtedness. In that event, the insurer shall be obligated to provide the complete coverage which the debtor is entitled to receive under the policy or certificate for the full period of time which the single premium has been paid. Also, the reserves held by the insurer on such risks must be based on the liability assumed for the entire period of time for which a single premium has been paid by the insured. However, if such insurance charges or premiums are not added to the amount of the loan and do not constitute a part of the insured debtor's outstanding indebtedness, the insurer shall be obligated to provide insurance coverage to the debtor only for the period of time for which such insurance charges or premiums have been paid under the insurance contract and reserves shall be computed accordingly as provided for in the applicable provisions of Title 33, the Georgia Insurance Code.
Any refunds applicable in the event of termination of the coverages discussed above shall be made in the manner provided for in subsection (3) of Section 33-31-9 of the Georgia Code.
Ga. Comp. R. & Regs. R. 120-2-27-.12
Ga. L. 1960, pp. 289, 305, 333, 393, 657, 714, 734, 747, 750.