|
27-15-25
Section 27-15-25 Contestability of reinstated policies. A reinstated policy of life insurance
or annuity contract may be contested on account of fraud or misrepresentation of facts material
to the reinstatement only for the same period following reinstatement and with the same conditions
and exceptions as the policy provides with respect to contestability after original issuance.
(Acts 1967, No. 181, p. 543; Acts 1971, No. 407, p. 707, §370.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-25.htm - 754 bytes - Match Info - Similar pages
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.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-3.htm - 1008 bytes - Match Info - Similar pages
27-36A-10
Section 27-36A-10 Minimum reserves. (a) In no event shall a company's aggregate reserves for
all life insurance policies, excluding disability and accidental death benefits, issued on
or after January 1, 1972, be less than the aggregate reserves calculated in accordance with
the methods set forth in Sections 27-36A-8, 27-36A-9, 27-36A-12, and 27-36A-13 and the mortality
table or tables and rate or rates of interest used in calculating nonforfeiture benefits for
the policies. (b) In no event shall the aggregate reserves for all policies, contracts, and
benefits be less than the aggregate reserves determined by the qualified actuary to be necessary
to render the opinion required by Section 27-36A-4. (Act 2016-411, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-10.htm - 1K - Match Info - Similar pages
27-14-17
Section 27-14-17 Construction of policies. (a) Every insurance contract shall be construed
according to the entirety of its terms and conditions as set forth in the policy and as amplified,
extended, or modified by any rider, endorsement, or application which is a part of the policy.
(b) A clause in any policy of life insurance, including burial insurance, providing that such
policy shall be incontestible after a specified period shall preclude only a contest of the
validity of the policy and shall not preclude the assertion at any time of defenses based
upon provisions in the policy which exclude or restrict coverage, whether or not such restrictions
or exclusions are excepted in such clause. (Acts 1971, No. 407, p. 707, §330.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-17.htm - 1K - Match Info - Similar pages
27-19-33
Section 27-19-33 Addition of endorsements or riders to existing policies. Any insurer writing
disability insurance policies may, with approval of the commissioner, add endorsements or
riders to existing policies of such insurance, with or without increase in premium, provided
there is shown separately on the endorsement or rider a stated premium charge for additional
coverage. (Acts 1957, No. 597, p. 834; Acts 1971, No. 407, p. 707, §453.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-33.htm - 751 bytes - Match Info - Similar pages
27-14-24
Section 27-14-24 Effect of payments. Whenever the proceeds of, or payments under, a life or
disability insurance policy or annuity contract, heretofore or hereafter issued, become payable
in accordance with the terms of such policy or contract, or the exercise of any right or privilege
thereunder, and the insurer makes payment thereof in accordance with the terms of the policy
or contract or in accordance with any written assignment thereof, the person then designated
in the policy or contract, or by such assignment, as being entitled thereto shall be entitled
to receive such proceeds or payments and to give full acquittance therefor; and such payments
shall fully discharge the insurer from all claims under the policy or contract, unless, before
payment is made, the insurer has received at its home office written notice by, or on behalf
of, some other person that such other person claims to be entitled to such payment or some
interest in the policy or contract. (Acts 1971, No. 407, p....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-24.htm - 1K - Match Info - Similar pages
27-18-13
Section 27-18-13 Policy provisions - Conversion - Death during conversion period. The group
life insurance policy shall contain a provision that if a person insured under the policy
dies during the period within which he would have been entitled to have an individual policy
issued to him in accordance with Sections 27-18-11 and 27-18-12 and before such an individual
policy shall have become effective, the amount of life insurance which he would have been
entitled to have issued to him under such individual policy shall be payable as a claim under
the group policy, whether or not application for the individual policy or the payment of the
first premium therefor has been made. (Acts 1971, No. 407, p. 707, §419.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-18-13.htm - 1K - Match Info - Similar pages
27-20-5
Section 27-20-5 Blanket disability insurance - Power to issue; filing requirement; mandatory
policy provisions. Any insurer authorized to write disability insurance in this state shall
have the power to issue blanket disability insurance. No such blanket policy may be issued
or delivered in this state unless a copy of the form thereof shall have been filed in accordance
with Section 27-14-8. Every such blanket policy shall contain provisions which, in the opinion
of the commissioner, are at least as favorable to the policyholder and the individual insured
as the following: (1) A provision that the policy, including endorsements and a copy of the
application, if any, of the policyholder and the persons insured shall constitute the entire
contract between the parties, and that any statement made by the policyholder or by a person
insured shall, in absence of fraud, be deemed a representation and not a warranty and that
no such statements shall be used in defense to a claim under the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-20-5.htm - 4K - Match Info - Similar pages
27-44-2
Section 27-44-2 Purpose of chapter. (a) The purpose of this chapter is to protect, subject
to certain limitations, the persons specified in Section 27-44-3(a) against failure in the
performance of contractual obligations, under life and disability insurance policies and annuity
contracts specified in Section 27-44-3(b), because of the impairment or insolvency of the
member insurer that issued the policies or contracts. (b) To provide this protection, an association
of insurers is created to pay benefits and to continue coverages as limited by this chapter,
and members of the association are subject to assessment to provide funds to carry out the
purpose of this chapter. (Acts 1982, No. 82-561, p. 922, §2; Act 2012-319, p. 724, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-2.htm - 1K - Match Info - Similar pages
8-32-4
Section 8-32-4 Required provisions, reimbursement insurance policy. Reimbursement insurance
policies insuring service contracts sold in this state shall provide that, upon failure of
the provider to perform under the service contract, including, without limitation, failure
to refund or credit the unearned portion of the purchase price of the service contract to
the extent required by this chapter, the insurer that issued the reimbursement insurance policy
shall pay on behalf of the provider any sums the provider is legally obligated to pay to a
service contract holder, or shall provide the service which the provider is legally obligated
to perform, according to the provider's contractual obligations under the service contracts
sold by the provider. The reimbursement insurance company shall be responsible to refund only
the unearned premium net of the unearned provider fee, and the provider shall be responsible
for refunding or crediting the unearned provider fee in excess of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-32-4.htm - 1K - Match Info - Similar pages
|