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27-19-103
Section 27-19-103 Definitions. Unless the context requires otherwise, the definitions in this
section apply throughout this article. (1) APPLICANT. In the case of: a. An individual long-term
care insurance policy, the person who seeks to contract for benefits. b. A group long-term
care insurance policy, the proposed certificate holder. (2) CERTIFICATE. Any certificate issued
under a group long-term care insurance policy, which policy has been delivered or issued for
delivery in this state. (3) COMMISSIONER. The Alabama Commissioner of Insurance. (4) GROUP
LONG-TERM CARE INSURANCE. A long-term care insurance policy which is delivered or issued for
delivery in this state and issued to any of the following: a. One or more employers or labor
organizations, or to a trust or to the trustees of a fund established by one or more employers
or labor organizations, or a combination thereof, for employees or former employees or a combination
thereof, or for members or former members or a...
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27-15-16
Section 27-15-16 Annuity and pure endowment contract provisions - Generally. (a) No annuity
or pure endowment contract, other than reversionary annuities, survivorship annuities, or
group annuities and except as stated in this section, shall be delivered or issued for delivery
in this state unless it contains in substance each of the provisions specified in Sections
27-15-17 through 27-15-22. Any of such provisions not applicable to single premium annuities
or single premium pure endowment contracts shall not, to that extent, be incorporated therein.
(b) This section shall not apply to contracts for deferred annuities included in, or upon
the lives of beneficiaries under, life insurance policies. (Acts 1971, No. 407, p. 707, §361.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-16.htm - 1K - Match Info - Similar pages
27-36A-9
Section 27-36A-9 Reserve valuation method - Annuity and pure endowment benefits. (a) This section
shall apply to all annuity and pure endowment contracts other than group annuity and pure
endowment contracts purchased under a retirement plan or plan of deferred compensation, established
or maintained by an employer, including a partnership or sole proprietorship, or by an employee
organization, or by both, other than a plan providing individual retirement accounts or individual
retirement annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended.
(b) Reserves according to the commissioner's annuity reserves method for benefits under annuity
or pure endowment contracts, excluding any disability and accidental death benefits in the
contracts, shall be the greatest of the respective excesses of the present values, at the
date of valuation, of the future guaranteed benefits, including guaranteed nonforfeiture benefits,
provided for by the contracts at the end of...
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27-36A-3
Section 27-36A-3 Reserve valuation. (a) Policies and contracts issued prior to the operative
date of the valuation manual. (1) The commissioner shall annually value, or cause to be valued,
the reserve liabilities, hereinafter called reserves, for all outstanding life insurance policies
and annuity and pure endowment contracts of every life insurance company doing business in
this state issued on or after January 1, 1972, and prior to the operative date of the valuation
manual. In calculating reserves, the commissioner may use group methods and approximate averages
for fractions of a year or otherwise. In lieu of the valuation of the reserves required of
any foreign or alien insurer, the commissioner may accept any valuation made, or caused to
be made, by the insurance supervisory official of any state or other jurisdiction when valuation
complies with the minimum standard provided in this chapter. (2) The provisions set forth
in Sections 27-36A-5, 27-36A-6, 27-36A-7, 27-36A-8,...
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27-34-25
Section 27-34-25 Paid-up nonforfeiture benefits, cash surrender values, and certificate loans,
etc. (a) A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate
loans, and such other options as its laws may permit. As to certificates issued on and after
January 1, 1972, a society shall grant at least one paid-up nonforfeiture benefit, except
in the case of pure endowment, annuity or reversionary annuity contracts reducing term insurance
contracts or contracts of term insurance of uniform amount of 15 years or less expiring before
age 66. (b) In the case of certificates other than those for which reserves are computed on
the commissioners 1958 Standard Ordinary Mortality Table or the 1961 Standard Industrial Table,
the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value,
loan or other option granted shall not be less than the excess, if any, of subdivision (1)
over subdivision (2) of this subsection, as follows: (1) The...
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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....
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27-15-2
Section 27-15-2 Life insurance policy provisions - Generally. (a) No policy of life insurance
other than industrial, group, and pure endowments, with or without return of premiums or of
premiums and interest, shall be delivered or issued for delivery in this state unless it contains
in substance all of the provisions required by Sections 27-15-3 through 27-15-14. This section
shall not apply to burial insurance, annuity contracts, to any provision of a life insurance
policy, or contract supplemental thereto, relating to disability benefits or to additional
benefits in the event of death or dismemberment by accident or accidental means or to any
provision relating to waiver of premiums in the event of death or disability of the beneficiary
or premium payer. (b) Any of such provisions, or portions thereof not applicable to single
premium or term policies, shall, to that extent, not be incorporated therein. (Acts 1971,
No. 407, p. 707, §347.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-2.htm - 1K - Match Info - Similar pages
27-36A-8
Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits. (a) Except
as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according to
the commissioners reserve valuation method, for the life insurance and endowment benefits
of policies providing for a uniform amount of insurance and requiring the payment of uniform
premiums, shall be the excess, if any, of the present value, at the date of valuation, of
the future guaranteed benefits provided for by the policies over the then present value of
any future modified net premiums therefor. The modified net premiums for a policy shall be
the uniform percentage of the respective contract premiums for the benefits, excluding extra
premiums on a substandard policy, that the present value, at the date of issue of the policy,
of all modified net premiums shall be equal to the sum of the then present value of the benefits
provided for by the policy and the excess of subdivision (1) over...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-8.htm - 4K - 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...
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27-14-25
Section 27-14-25 Receipt and giving of acquittance and discharge for payment by minors. (a)
Any minor domiciled in this state who has attained the age of 18 years shall be deemed competent
to receive and to give full acquittance and discharge for a payment, or payments, in aggregate
amount not exceeding $3,000.00 in any one year, made by a life insurer under the maturity,
death, or settlement agreement provisions in effect or elected by such minor under a life
insurance policy or annuity contract, provided such policy, contract, or agreement shall provide
for the payment, or payments, to such minor and if, prior to such payment, the insurer has
not received written notice of the appointment of a duly qualified guardian of the property
of such minor. No such minor shall be deemed competent to alienate the right to, or to anticipate,
such payments. This section shall not be deemed to restrict the rights of minors set forth
in Section 27-14-5. (b) This section shall not be deemed to...
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