| 11 | 23 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
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| 12 | 24 | | SECTION 1.7 |
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| 13 | 25 | | Chapter 25 of Title 33 of the Official Code of Georgia Annotated, relating to life insurance,8 |
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| 14 | 26 | | is amended by revising Code Section 33-25-5, relating to inclusion of provisions excluding9 |
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| 15 | 27 | | or restricting liability for death, as follows:10 |
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| 16 | 28 | | "33-25-5.11 |
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| 17 | 29 | | (a) No policy of life insurance, except as stated in subsection (c) of this Code section, shall12 |
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| 18 | 30 | | be delivered or issued for delivery in this state if it contains a provision which excludes or13 |
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| 19 | 31 | | restricts liability for death caused in a certain specified manner or occurring while the14 |
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| 20 | 32 | | insured has a specified status, except that the policy may contain provisions excluding or15 |
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| 22 | 35 | | restricting coverage as specified therein in the event of death under any one or more of the16 |
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| 23 | 36 | | following circumstances:17 |
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| 24 | 37 | | (1) Death as a result, directly or indirectly, of war, declared or undeclared, or of any act18 |
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| 25 | 38 | | or hazard of such war;19 |
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| 26 | 39 | | (2) Death as the result of aviation or any air travel or flight;20 |
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| 27 | 40 | | (3) Death as a result of a specified hazardous occupation or occupations;21 |
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| 28 | 41 | | (4) Death while the insured is a resident outside the continental United States and22 |
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| 29 | 42 | | Canada; or23 |
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| 30 | 43 | | (5) Death within two years from the date of issue of the policy as a result of suicide,24 |
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| 31 | 44 | | while sane or insane.25 |
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| 32 | 45 | | (b) A policy which contains any exclusion or restriction pursuant to subsection (a) of this26 |
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| 33 | 46 | | Code section shall also provide that in the event of death under circumstances to which any27 |
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| 34 | 47 | | such exclusion or restriction is applicable, the insurer will pay an amount not less than a28 |
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| 35 | 48 | | reserve determined according to the Commissioner's reserve valuation method upon the29 |
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| 36 | 49 | | basis of the mortality table and interest rate specified in the policy for the calculation of30 |
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| 37 | 50 | | nonforfeiture benefits or, if the policy provides no such benefits, computed according to31 |
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| 38 | 51 | | a mortality table and interest rate determined by the insurer and specified in the policy with32 |
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| 39 | 52 | | adjustment for indebtedness or dividend credit.33 |
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| 40 | 53 | | (c) This Code section shall not apply to group life insurance, except as stated in34 |
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| 41 | 54 | | subsection (d) of this Code section, reinsurance, annuities, or to any provision of a life35 |
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| 42 | 55 | | insurance policy, or contract supplemental thereto, relating to disability benefits, or to36 |
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| 43 | 56 | | additional benefits in the event of death by accident or accidental means.37 |
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| 44 | 57 | | (d) No policy of group life insurance shall be delivered or issued for delivery in this state38 |
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| 45 | 58 | | if it contains a provision which excludes or restricts liability for death occurring while the39 |
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| 46 | | - | insured is a service member of the regular or reserve component of the armed forces of the40 |
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| 47 | | - | United States and such death is not a result, directly or indirectly, of war, declared or41 |
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| 48 | | - | undeclared, or any act or hazard of such war.42 |
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| 49 | | - | - 2 - 25 LC 46 1215S |
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| 59 | + | insured is an active duty service member of the regular or reserve component of the armed40 |
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| 60 | + | forces of the United States and such death is not a result, directly or indirectly, of war,41 |
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| 61 | + | declared or undeclared, or any act or hazard of such war.42 |
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| 62 | + | H. B. 182 |
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| 63 | + | - 2 - 25 LC 52 0667 |
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