GA Code § 33-25-1 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 25 - Life Insurance|§ 33-25-1. "Contract of Life Insurance" Defined

 A "contract of life insurance" is one whereby the insurer, for a consideration, assumes an obligation to be performed upon the death of the insured or upon the death of another in the continuance of whose life the insured has an insurable interest, whether such obligation is one to pay a sum of money, to perform services, or to furnish goods, wares, or merchandise, or other things of value, and whether the cost or value of the undertaking on the part of the insurer is more or less than the consideration flowing to him.   (Orig. Code 1863, § 2768; Code 1868, § 2776; Code 1873, § 2818; Code 1882, § 2818; Civil Code 1895, § 2114; Civil Code 1910, § 2496; Code 1933, § 56-901; Code 1933, § 56-2501, enacted by Ga. L. 1960, p. 289, § 1.)   OPINIONS OF THE ATTORNEY GENERAL    Agreement to cancel debt in the event of the death of debtor  is insurance. 1967 Op. Att'y Gen. No. 67-170.    If payment is to be made upon death of insured,  it constitutes a life insurance contract. 1967 Op. Att'y Gen. No. 67-170.    Credit union has no power or authority to act legally as guarantor of insurer  of loans and deposits of the credit union. 1967 Op. Att'y Gen. No. 67-170.    Association which provides for payments to beneficiaries upon death  of member is engaged in business of insurance, and subject to regulation by the Insurance Commissioner. 1954-56 Op. Att'y Gen. p. 433.   Cemetery company contracts constitute life insurance policies contrary to law.    - When a private company engaged in the business of maintaining a cemetery and selling cemetery lots gave to each purchaser a supplemental written agreement to the effect that if any one or more of the purchaser's unmarried children between the ages of one and 19 die, then the cemetery company will furnish without cost such space or spaces for interment of the deceased child or children, provided that at that time no installment payments on the lot purchase agreement were in arrears, the contract was a contract of insurance and such a contract may not be lawfully made by a concern which was not licensed to engage in the life insurance business, in view of former Code 1933, § 56-2404 (see O.C.G.A. § 33-24-43). 1963-65 Op. Att'y Gen. p. 367.   Contract between college and student on life of sponsor for tuition grant.   - When a college, in consideration of monthly payments pursuant to an agreement with a student and a sponsor, assumes the obligation of furnishing a 100 percent tuition grant and refunding all moneys paid, to be performed upon the death of the sponsor, the contract constitutes a contract of life insurance; such an obligation is one to pay a sum of money as well as to furnish a thing of value, and it is immaterial whether the cost or value of such an undertaking on the part of the college is more or less than the consideration flowing to it. 1963-65 Op. Att'y Gen. p. 367.   Debt cancellation contract conditioned on borrower's death.   - National bank operating in Georgia may not enter into a debt cancellation contract providing that the debt will be automatically cancelled in the event of the borrower's death without complying with this title. 1963-65 Op. Att'y Gen. p. 457.   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 5.   14B Am. Jur. Pleading and Practice Forms, Insurance, § 158.   C.J.S.   - 44 C.J.S., Insurance, § 23 et seq.   ALR.    - Liability under policy of life insurance where insured is executed for crime, 36 A.L.R. 1255.    What constitutes insurance, 63 A.L.R. 711; 100 A.L.R. 1449; 119 A.L.R. 1241.    Validity and effect as against creditors of change of beneficiary or assignment of insurance policy from estate to individual, 106 A.L.R. 596.    Who entitled to proceeds of life insurance under policy naming two or more beneficiaries, in event of death of one or more but less than all of them before insured, 112 A.L.R. 729.   Insurance: construction of "sane or insane" provision of suicide exclusion, 9 A.L.R.3d 1015.   Insurable interest of brother or sister in life of sibling, 60 A.L.R.3d 98.   Construction and application of "key man" life insurance, 12 A.L.R.7th 6.