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27-15-9
Section 27-15-9 Life insurance policy provisions - Table of values and benefits. In policies
issued on and after the operative date of Section 27-15-28, there shall be a table showing
in figures the loan value and the cash surrender values and nonforfeiture benefits in accordance
with subdivision (b) (5) of Section 27-15-28, either during the first 20 policy years or during
the term of the policy, whichever is shorter. (Acts 1971, No. 407, p. 707, ยง354.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-9.htm - 764 bytes - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-8.htm - 24K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-34-25.htm - 2K - Match Info - Similar pages
27-15-72
Section 27-15-72 Nonforfeiture benefits. (a) In the case of policies issued on or after January
1, 1972, no policy of life insurance, except as set forth in Section 27-15-82, shall be delivered
or issued for delivery in this state unless it shall contain in substance the following provisions,
or corresponding provisions which, in the opinion of the commissioner, are at least as favorable
to the defaulting or surrendering policyholder as are the minimum requirements specified in
this section and are essentially in compliance with Section 27-15-81: (1) That, in the event
of default in any premium payment, the insurer will grant, upon proper request not later than
60 days after the due date of the premium in default, a paid-up nonforfeiture benefit on a
plan stipulated in the policy, effective as of such due date, of such amount as may be specified
in this article. In lieu of such stipulated paid-up nonforfeiture benefit, the insurer may
substitute, upon proper request not later than 60...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-72.htm - 4K - Match Info - Similar pages
27-15-78
Section 27-15-78 Calculations of adjusted premiums by the nonforfeiture net level premium method.
(a) This section shall apply to all policies issued on or after the operative date of this
section as defined herein. Except as provided in subsection (g), the adjusted premiums for
any policy shall be calculated on an annual basis and shall be such uniform percentage of
the respective premiums specified in the policy for each policy year, excluding extra premiums
on a substandard policy and also excluding any uniform annual contract charge or policy fee
specified in the policy in a statement of the method to be used in calculating the cash surrender
values and paid-up nonforfeiture benefits, that the present value, at the date of issue of
the policy, of all adjusted premiums shall be equal to the sum of: (1) The then present value
of the future guaranteed benefits provided for by the policy. (2) One percent of either the
amount of insurance, if the insurance be uniform in amount, or the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-78.htm - 12K - Match Info - Similar pages
27-17-16
Section 27-17-16 Valuation of life insurance reserve liabilities for burial insurance policies;
increase in amount of insurance; minimum standards for valuation; notice to commissioner as
to change in valuation standards; increase in retail value, nonforfeiture value, and cash
surrender value; construction with other laws. (a) Except as hereinafter provided, any authorized
insurer who issues or has heretofore issued "burial insurance" in this state shall
value the life insurance reserve liabilities for such policies (hereinafter "burial reserves")
in accordance with the provisions of Section 27-36-7. (b) An insurer shall increase the amount
of insurance on which its burial reserves are based, not to exceed the retail value of such
benefits as stated in the policies, when appropriate to reflect an increase in the costs to
the insurer of providing the policy benefits. When an insurer shall increase the amount of
insurance for this purpose, it shall be permitted to change the assumed...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17-16.htm - 3K - Match Info - Similar pages
27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity contracts
issued after June 30, 2006, or by election under this section until June 30, 2006. (a) This
section shall be known as the standard nonforfeiture law for individual deferred annuities.
(b) This section shall not apply to any reinsurance group annuity 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, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.2.htm - 13K - Match Info - Similar pages
27-15-75
Section 27-15-75 Calculation of adjusted premiums. (a)(1) This section shall not apply to policies
issued on or after the operative date of Section 27-15-78, as defined therein. Except as provided
in subsection (c), the adjusted premiums for any policy shall be calculated on an annual basis
and shall be such uniform percentage of the respective premiums specified in the policy for
each policy year, excluding extra premiums on a substandard policy, that the present value
at the date of issue of the policy, of all such adjusted premiums shall be equal to the sum
of: a. The then present value of the future guaranteed benefits provided for by the policy.
b. Two percent of the amount of the insurance if the insurance be uniform in amount, or of
the equivalent uniform amount, as defined in this article, if the amount of insurance varies
with the duration of the policy. c. Forty percent of the adjusted premium for the first policy
year. d. Twenty-five percent of either the adjusted premium...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-75.htm - 4K - Match Info - Similar pages
27-19-105
Section 27-19-105 Regulations for long-term care policies; outline of coverage, policy summary,
and monthly report. (a) The commissioner may adopt regulations that include standards for
full and fair disclosure setting forth the manner, content, and required disclosures for the
sale of long-term care insurance policies, terms of renewability, initial and subsequent conditions
of eligibility, nonduplication of coverage provisions, coverage of dependents, preexisting
conditions, termination of insurance, continuation or conversion, probationary periods, limitations,
exceptions, reductions, elimination periods, requirements for replacement, recurrent conditions,
and definitions of terms. Regulations under this subsection should recognize the developing
and unique nature of long-term care insurance and the distinction between group and individual
long-term insurance policies. (b) No long-term care insurance policy may do any of the following:
(1) Be cancelled, nonrenewed, or otherwise...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-105.htm - 11K - Match Info - Similar pages
27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity contracts
issued by election under this section until June 30, 2006. (a) This section shall be known
as the standard nonforfeiture law for individual deferred annuities. (b) This section shall
not apply to any reinsurance group annuity 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, premium deposit fund, variable annuity, investment annuity, immediate
annuity, any deferred annuity contract after annuity payments have commenced or reversionary
annuity, nor to any contract which shall be delivered outside this state through an agent
or other representative of the company issuing...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-28.1.htm - 12K - Match Info - Similar pages
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