Which types of life insurance are mentioned in Georgia insurance laws?

The correct answer includes term life, whole life, universal life, and variable life insurance because Georgia insurance laws recognize and regulate these specific types of life insurance policies. Each of these policies has unique characteristics and purposes, providing consumers with various options to meet their insurance needs.

Term life insurance is a straightforward option that provides coverage for a specified period, typically offering a death benefit without a cash value component. Whole life insurance, in contrast, is designed to provide lifetime coverage with both a death benefit and a cash value that accumulates over time. Universal life insurance offers flexibility in premium payments and death benefits, combining features of both term and whole life. Lastly, variable life insurance allows policyholders to allocate their cash value among various investment options, introducing potential for growth based on market performance.

Choosing this answer reflects an understanding of the comprehensive nature of life insurance products recognized under Georgia law, showcasing the legislation's effort to provide diverse financial protection options for consumers.