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27-18-11
Section 27-18-11 Policy provisions - Conversion - Termination of eligibility. The group
life insurance policy shall contain a provision that if the insurance, or any portion of it,
on a person covered under the policy ceases because of termination of employment or of membership
in the class, or classes, eligible for coverage under the policy, such person shall be entitled
to have issued to him by the insurer, without evidence of insurability, an individual policy
of life insurance without disability or other supplementary benefits, provided application
for the individual policy shall be made and the first premium paid to the insurer within 31
days after such termination and provided, further, that: (1) The individual policy shall,
at the option of such person, be on any one of the forms, except term insurance, then customarily
issued by the insurer at the age and for the amount applied for; (2) The individual policy
shall be in an amount not in excess of the amount of life insurance...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-11.htm - 2K - Match Info - Similar pages
27-31B-12
Section 27-31B-12 Legal investments. (a) An association captive insurance company, risk
retention group, and an industrial insured captive insurance company insuring the risks of
an industrial insured group defined in paragraph b. of subdivision (18) of Section
27-31B-2 shall comply with the investment requirements contained in this title, as applicable;
provided, however, that compliance with these investment requirements shall be waived for
risk retention groups to the extent that credit for risks ceded to reinsurers is allowed pursuant
to Section 27-31B-13 or to the extent otherwise deemed reasonable and appropriate by
the commissioner. Chapter 37 of this title shall apply to association captives, risk retention
groups, and industrial insured captive insurance companies insuring the risks of industrial
insured groups defined in paragraph b. of subdivision (18) of Section 27-31B-2 except
to the extent it is inconsistent with approved accounting standards in use by the association...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-31B-12.htm - 2K - Match Info - Similar pages
27-40-1
Section 27-40-1 Definitions. For the purposes of this chapter, the following words and
phrases shall have the following meanings: (1) INSURANCE PREMIUM FINANCE COMPANY. A person
engaged in the business of entering into premium finance agreements. (2) PREMIUM FINANCE AGREEMENT.
An agreement by which an insured or prospective insured promises to pay to a premium finance
company the amount advanced or to be advanced under the agreement to an insurer or to an insurance
agent or broker in payment of premiums on an insurance contract together with a service charge,
as authorized and limited by this chapter, and charges for wind mitigation construction financing,
as approved by the commissioner. (3) LICENSEE. A premium finance company holding a license
issued under this chapter. (4) PERSON. An individual, partnership, association, business corporation,
nonprofit corporation, common law trust, joint-stock company, or any other group of individuals
however organized. (5) INSURANCE CONTRACT. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-1.htm - 1K - Match Info - Similar pages
27-4A-3
Section 27-4A-3 Generally. (a) Subject to the exceptions and exemptions hereinafter
set forth, for the year beginning on January 1, 1995, and for each year thereafter, every
insurer shall pay to the commissioner a premium tax equal to the percentage, as set out in
this subsection, of the premiums received by the insurer for business done in this state,
whether the same was actually received by the insurer in this state or elsewhere: (1) PREMIUM
TAX ON LIFE INSURANCE PREMIUMS. a. Except as hereinafter provided, the rates of taxation on
life insurance premiums shall be those amounts set out in the following schedule: Year Foreign
Insurers Domestic Insurers 1995 2.9 1.3 1996 2.8 1.6 1997 2.7 1.8 1998 2.5 2.1 Every Year
Thereafter 2.3 2.3 b. Individual life insurance policies in a face amount of greater than
$5,000 and up to and including $25,000, excluding group life insurance policies, shall be
taxed at the rate of one percent per annum. c. Individual life insurance policies in a face...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-4A-3.htm - 16K - Match Info - Similar pages
27-14-7
Section 27-14-7 Application for policy - Representations and misrepresentations, etc.
(a) All statements and descriptions in any application for an insurance policy or annuity
contract, or in negotiations therefor, by, or in behalf of, the insured or annuitant shall
be deemed to be representations and not warranties. Misrepresentations, omissions, concealment
of facts and incorrect statements shall not prevent a recovery under the policy or contract
unless either: (1) Fraudulent; (2) Material either to the acceptance of the risk or to the
hazard assumed by the insurer; or (3) The insurer in good faith would either not have issued
the policy or contract, or would not have issued a policy or contract at the premium rate
as applied for, or would not have issued a policy or contract in as large an amount or would
not have provided coverage with respect to the hazard resulting in the loss if the true facts
had been made known to the insurer as required either by the application for the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-7.htm - 1K - Match Info - Similar pages
27-15-24
Section 27-15-24 Exclusions and restrictions in life insurance policies. (a) No policy
of life insurance shall be delivered or issued for delivery in this state if it contains any
of the following provisions: (1) A provision for a period shorter than that provided by statute
within which an action may be commenced on such a policy; and (2) A provision which excludes
or restricts liability for death caused in a certain specified manner or occurring while the
insured has a specified status; except, that a policy may contain provisions excluding or
restricting coverage as specified therein in the event of death under any one or more of the
following circumstances: a. Death as a result, directly or indirectly, of war, declared or
undeclared, or of action by military forces, or of any act or hazard of such war or action,
or of service in the military, naval, or air forces or in civilian forces auxiliary thereto,
or from any cause while a member of such military, naval, or air forces of any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-24.htm - 3K - Match Info - Similar pages
27-10-27
Section 27-10-27 Evidence of surplus line insurance; changes; issuance of false certificate
and failure to notify insured of material change. (a) Upon placing a surplus line coverage,
the broker shall promptly issue and deliver to the insured evidence of the insurance, consisting
either of the policy as issued by the insurer or, if such policy is not then available, the
surplus line broker's certificate. Such a certificate shall be executed by the broker and
shall show the description and location of the subject of the insurance, coverage, conditions
and term of the insurance, the premium and rate charged and taxes collected from the insured
and the name and address of the insured and insurer. If the direct risk is assumed by more
than one insurer, the certificate shall state the name and address and proportion of the entire
direct risk assumed by each such insurer. (b) No broker shall issue any such certificate or
any cover note or purport to insure or represent that insurance will...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-10-27.htm - 3K - Match Info - Similar pages
27-22-42
Section 27-22-42 Policyholders Bill of Rights. The following shall serve as the minimum
standards to be followed by the Alabama Department of Insurance in exercising the department's
powers and duties in regulating insurance companies pursuant to Chapter 12. The Department
of Insurance and insurance companies shall post this list or an electronic link of this list
on their respective websites. These standards include the following: (1) Policyholders shall
have the right to competitive pricing practices of insurers as prescribed by applicable federal
or state insurance law and regulation. (2) Policyholders shall have the right to insurance
advertising and sales approaches that provide representative information on the policy in
accordance with Chapter 12. (3) Policyholders shall have the right to assurance that the insurance
market in general and their insurance company in particular are financially stable as provided
in Section 27-12-7. (4) Policyholders shall have the right to receive...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-22-42.htm - 3K - Match Info - Similar pages
32-7-23
Section 32-7-23 Uninsured motorist coverage; "uninsured motorist" defined;
limitation on recovery. (a) No automobile liability or motor vehicle liability policy insuring
against loss resulting from liability imposed by law for bodily injury or death suffered by
any person arising out of the ownership, maintenance, or use of a motor vehicle shall be delivered
or issued for delivery in this state with respect to any motor vehicle registered or principally
garaged in this state unless coverage is provided therein or supplemental thereto, in limits
for bodily injury or death set forth in subsection (c) of Section 32-7-6, under provisions
approved by the Commissioner of Insurance for the protection of persons insured thereunder
who are legally entitled to recover damages from owners or operators of uninsured motor vehicles
because of bodily injury, sickness or disease, including death, resulting therefrom; provided,
that the named insured shall have the right to reject such coverage; and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-23.htm - 2K - Match Info - Similar pages
19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment
now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary
of the trust in life, endowment or annuity contracts of legal reserve life insurance companies
duly qualified and authorized to write such business in the State of Alabama; provided, however,
that the annual premium or premiums on such contracts purchased by such guardian or trustee
shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar
year preceding the date of such purchase. The contract must contain the following options
after it has been in force for three years or less: a cash surrender value option, a paid-up
insurance or endowment option, and an extended insurance or endowment option. Such contract
may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of
the trust or upon the life or lives of persons in whose life or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-125.htm - 2K - Match Info - Similar pages
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