Ga. Comp. R. & Regs. R. 120-2-10-.05 - Describing Premiums as "Deposits", "Savings", or "Investments"
The use of the words "deposit," "savings," or "investments" in any insurance or annuity contract, other printed material, or oral presentation to refer to an amount where, in fact, the amount referred to is a premium as defined in Section 33-24-1 of the Georgia Insurance Code is prohibited unless:
(1) The
premium payment establishes a debtor-creditor relationship between the
insurance company and the policyholder; or
(2) The terms are used in conjunction with
the word "premium" in such a manner as to clearly indicate the true character
of the premium payment; or
(3) The
terms are used in conjunction with a deposit administration plan.
Notes
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