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27-15-3
Section 27-15-3 Life insurance policy provisions - Grace period. There shall be a provision
that a grace period of 30 days or, at the option of the insurer, of one month of not less
than 30 days shall be allowed within which the payment of any premium after the first may
be made, during which period of grace the policy shall continue in full force; but if a claim
arises under the policy during such period of grace, the amount of any premium due or overdue
may be deducted from the policy proceeds. (Acts 1971, No. 407, p. 707, §348.)...
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27-18-3
Section 27-18-3 Policy provisions - Grace period. The group life insurance policy shall contain
a provision that the policyholder is entitled to a grace period of not less than 30 days for
the payment of any premium due except the first, during which grace period the death benefit
coverage shall continue in force unless the policyholder shall have given the insurer written
notice of discontinuance in advance of the date of discontinuance and in accordance with the
terms of the policy. The policy may provide that the policyholder shall be liable to the insurer
for the payment of a pro rata premium for the time the policy was in force during such grace
period. (Acts 1971, No. 407, p. 707, §409.)...
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27-17-3
Section 27-17-3 Policy provisions - Grace period. There shall be a provision that the insured
is entitled to a grace period of four weeks within which the payment of any premium after
the first may be made, except, that, in policies the premiums which are payable monthly or
less often, the period of grace shall be one month but not less than 30 days, and that during
the period of grace the policy shall continue in full force, but if during the grace period
the policy becomes a claim, then any overdue premiums may be deducted from any cash payment
which may be due under the policy. (Acts 1971, No. 407, p. 707, §394.)...
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27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
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27-19-6
Section 27-19-6 Mandatory policy provisions - Grace period. There shall be a provision as follows:
"Grace Period: A grace period of _____ (insert a number not less than '7' for weekly
premium policies, '10' for monthly premium policies and '31' for all other policies) days
will be granted for the payment of each premium falling due after the first premium, during
which grace period the policy shall continue in force." A policy in which the insurer
reserves the right to refuse any renewal shall have, at the beginning of the above provision,
"Unless not less than 30 days prior to the premium due date the insurer has delivered
to the insured or has mailed to his last address as shown by the records of the insurer written
notice of its intention not to renew this policy beyond the period for which the premium has
been accepted." (Acts 1953, No. 193, p. 247, §3; Acts 1957, No. 597, p. 834; Acts 1971,
No. 407, p. 707, §427.)...
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27-15-8
Section 27-15-8 Life insurance policy provisions - Loans on policy. (a) In case of policies
issued on and after the operative date of Section 21-15-28, there shall be a provision that
after the policy has a cash surrender value and while no premium is in default beyond the
grace period for payment the insurer will advance, on proper assignment or pledge of the policy
and on the sole security thereof, at a specified rate of interest not exceeding eight percent
per annum, payable in advance, an amount equal to or, at the option of the party entitled
thereto, less than the loan value of the policy. The loan value of the policy shall be at
least equal to the cash surrender value at the end of the then current policy year, provided
that the insurer may deduct, either from such loan value or from the proceeds of the loan,
any existing indebtedness not already deducted in determining such cash surrender value including
any interest then accrued but not due, any unpaid balance of the premium...
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27-16-4
Section 27-16-4 Policy provisions - Grace period. There shall be a provision that the insured
is entitled to a grace period of four weeks within which the payment of any premiums after
the first may be made; except, that in policies the premiums for which are payable monthly,
the period of grace shall be one month, but not less than 30 days, and that during the period
of grace the policy shall continue in full force, but if during the grace period the policy
becomes a claim, then any overdue and unpaid premiums may be deducted from any settlement
under the policy. (Acts 1971, No. 407, p. 707, §378.)...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of the...
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25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure risks.
An employer subject to this chapter may secure the payment of compensation under this chapter
by insuring and keeping insured his or her liability in some insurance corporation, association,
organization, insurance association, corporation, or association formed of employers and workers
or formed by a group of employers to insure the risks under this chapter, operating by mutual
assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance association,
organization, or corporation shall have first had its contract and plan of business approved
in writing by the Commissioner of the Department of Insurance of Alabama and have been authorized
by the Department of Insurance to transact the business of workers' compensation insurance
in this state and under the plan. Notwithstanding any other provision of the law to the contrary,
the obligations of employers under law for...
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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...
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