Key Takeaways
- Georgia provides a 10-day free look period for life insurance and annuities
- Georgia law protects seniors from financial exploitation under Title 30
- Producers must exercise heightened care when recommending products to seniors
- Senior-targeted marketing must comply with advertising standards
- Georgia follows federal regulations for many senior protections
Georgia Senior Consumer Protections
Georgia provides protections for senior consumers with specific laws addressing financial exploitation and product suitability.
Free Look Periods
Georgia provides free look periods for insurance:
Standard Free Look Periods
| Product Type | Free Look Period |
|---|---|
| Life Insurance | 10 days |
| Annuities | 10 days |
| Long-Term Care | 30 days |
| Medicare Supplement | 30 days |
What the Free Look Allows
During the free look:
- Review the policy completely
- Return for full premium refund
- No penalty for returning
- No questions asked
Exam Tip: Georgia's standard free look is 10 days for life insurance and annuities, but 30 days for LTC and Medicare Supplement.
Georgia Senior Protection Laws
Protection Against Financial Exploitation
Georgia Title 30 (Dependent Persons) provides protections:
| Protection | Requirement |
|---|---|
| Prohibited Conduct | Financial exploitation prohibited |
| Reporting | Mandatory reporting of suspected abuse |
| Penalties | Criminal prosecution |
| Civil Remedies | Victims can pursue damages |
Signs of Exploitation
Producers should watch for:
- Sudden changes in financial decisions
- New "advisors" or "friends" involved
- Pressure from third parties
- Senior cannot explain transactions
- Signs of confusion or coercion
Enhanced Suitability for Seniors
When working with seniors, consider:
Senior-Specific Factors
| Factor | Consideration |
|---|---|
| Life Expectancy | Surrender period vs. life expectancy |
| Liquidity Needs | Funds needed for healthcare? |
| Cognitive Ability | Does senior understand? |
| Fixed Income | Is premium affordable? |
| Existing Coverage | Duplicate policies? |
| Medicaid Impact | Effect on benefits? |
Red Flags for Senior Sales
The Commissioner scrutinizes:
- Surrender periods past age 85
- Long surrender periods (10+ years)
- High surrender charges
- Complex products
- Pattern of replacements
Senior Seminar Rules
Georgia regulates marketing events:
Requirements
| Requirement | Details |
|---|---|
| Identification | Must identify as insurance sales |
| Balanced Information | Present risks and benefits |
| No High Pressure | Cannot pressure decisions |
| Disclosure | Identify producer and insurer |
Prohibited Practices
- Implying government endorsement
- Using scare tactics
- Creating false urgency
- Making impossible guarantees
- Discouraging family consultation
Replacement Protections
Georgia requirements for senior replacements:
Documentation
| Requirement | Details |
|---|---|
| Comparison | Side-by-side old and new |
| Surrender Charges | Both contracts |
| Benefits | What is gained and lost |
| Acknowledgment | Senior signs understanding |
Penalties for Senior Violations
Georgia provides penalties for violations:
Criminal Penalties
Under Georgia law, exploitation of an elder can be:
| Severity | Classification |
|---|---|
| Under $500 | Misdemeanor |
| $500-$5,000 | Felony |
| Over $5,000 | Felony (enhanced) |
Administrative Penalties
| Violation | Potential Penalty |
|---|---|
| Unsuitable sale | Fine, suspension |
| Pattern of violations | License revocation |
| Senior exploitation | Criminal referral |
| Consumer harm | Required restitution |
Aggravating Factors
Commissioner considers:
- Victim's age and vulnerability
- Financial harm caused
- Whether intentional
- Prior disciplinary history
Commissioner Resources
The Commissioner provides senior resources:
Consumer Assistance
| Resource | Description |
|---|---|
| Consumer Hotline | Direct assistance |
| Fraud Unit | Report suspected abuse |
| Education | Senior-focused programs |
| Medicare Counseling | GeorgiaCares program |
GeorgiaCares
State Health Insurance Assistance Program (SHIP):
- Free Medicare counseling
- Help with Medicare decisions
- Understanding benefits
- Available statewide
Exam Tip: Georgia's SHIP program is called GeorgiaCares. It provides free Medicare counseling to seniors.
What is the free look period for life insurance in Georgia?
What is GeorgiaCares?
Which factor should producers consider when recommending annuities to seniors?
What is the free look period for Medicare Supplement in Georgia?
What must producers report under Georgia law?