Georgia § 33-24-6 - 1. Prerequisites for replacement life insurance exceeding insurance being surrendered.
Full text of Georgia Official Code of Georgia Annotated § 33-24-6 — 1. Prerequisites for replacement life insurance exceeding insurance being surrendered., with citation guidance and answers to common questions.
§ 33-24-6. 1. Prerequisites for replacement life insurance exceeding insurance being surrendered.
Notwithstanding the provisions of subsection (d) of Code Section 33-24-3, subsection (d) of Code Section 33-24-6, or paragraph (11) of Code Section 33-27-3 which relate to the replacement of existing life insurance, any new life insurance may exceed the insurance being surrendered: When an entity has a proper interest pursuant to subsection (d) or (e) of Code Section 33-24-3 and the authority to effectuate life insurance pursuant to the provisions of paragraph (4), (5), or (6) of subsection (a) of Code Section 33-24-6; and To the extent application of the cash surrender value from the old insurance as a premium under the new life insurance contract requires a larger amount of insurance to qualify as life insurance or to be not treated as a modified endowment contract for federal income tax purposes; To otherwise comply with applicable federal law; or When, upon cessation of premium payments, a former employee or trustee elects under the policy to use the cash value available under the policy to restructure the term, face amount, or investment options under the policy, even though such restructuring may result in an increase in the amount of the insurance. (Code 1981, § 33-24-6.1 , enacted by Ga. L. 1997, p. 683, § 3; Ga. L. 2006, p. 869, § 2/HB 1484.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 33-24-6
What does Official Code of Georgia Annotated § 33-24-6 cover?
Section 33-24-6 ("1. Prerequisites for replacement life insurance exceeding insurance being surrendered.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 33-24-6?
A common citation format is "Official Code of Georgia Annotated § 33-24-6" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 33-24-6 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.