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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
27-15-23
Section 27-15-23 Standard provisions in contracts for reversionary annuities. (a) Except as
stated in this section, no contract for a reversionary annuity shall be delivered or issued
for delivery in this state unless it contains in substance each of the following provisions:
(1) Any such reversionary annuity contract shall contain the provisions specified in Sections
27-15-17 through 27-15-21 except that under Section 27-15-20 the insurer may at its option
provide for an equitable reduction of the amount of the annuity payments in settlement of
an overdue or deferred payment in lieu of providing for deduction of such payments from an
amount payable upon settlement under the contract; and (2) In such reversionary annuity contracts,
there shall be a provision that the contract may be reinstated at any time within three years
from the date of default in making stipulated payments to the insurer upon production of evidence
of insurability satisfactory to the insurer and upon condition...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-23.htm - 1K - Match Info - Similar pages
27-15-73
Section 27-15-73 Computation of cash surrender value. (a) Any cash surrender value available
under the policy in the event of default in the premium payment due on any policy anniversary,
whether or not required by Section 27-15-72, shall be an amount not less than the excess,
if any, of the present value on such anniversary of the future guaranteed benefits which would
have been provided for by the policy, including any existing paid-up additions if there had
been no default, over the sum of: (1) The then present value of the adjusted premium as defined
in Sections 27-15-75, 27-15-76, 27-15-77, and 27-15-78, corresponding to premiums which would
have fallen due on and after such anniversary. (2) The amount of any indebtedness to the insurer
on account of or secured by the policy. (b) Provided, however, that for any policy issued
on or after the operative date of Section 27-15-78, as defined therein, which provides supplemental
life insurance or annuity benefits at the option of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-73.htm - 3K - 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
27-19-1
Section 27-19-1 Applicability of article. Nothing in this article shall apply to or affect:
(1) Any policy of liability or workmen's compensation insurance, with or without supplementary
expense coverage therein; (2) Any group or blanket policy; (3) Life insurance, endowment,
or annuity contracts, or contracts supplemental thereto which contain only such provisions
relating to disability insurance as: a. Provide additional benefits in case of death or dismemberment
or loss of sight by accident; or b. Operate to safeguard such contracts against lapse or to
give a special surrender value, or special benefit or an annuity in the event that the insured
or annuitant becomes totally and permanently disabled, as defined by the contract or supplemental
contract; (4) Reinsurance; or (5) Industrial insurance, which is disability insurance issued
under policies sold on a debit basis, bearing the words "industrial policy" imprinted
on the face of the policy as part of the descriptive matter, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-1.htm - 1K - Match Info - Similar pages
27-15-81
Section 27-15-81 Consistency of progression of cash surrender values with increasing policy
duration. (a) This section, in addition to all other applicable sections of this article,
shall apply to all policies issued on or after January 1, 1985. Any cash surrender value available
under the policy in the event of default in a premium payment due on any policy anniversary
shall be in an amount which does not differ by more than two-tenths of one percent of either
the amount of insurance, if the insurance be uniform in amount, or the average amount of insurance
at the beginning of each of the first 10 policy years, from the sum of: (1) The greater of
zero and the basic cash value hereinafter specified. (2) The present value of any existing
paid-up additions, less the amount of any indebtedness to the insurer on account of or secured
by the policy. (b) The basic cash value shall be equal to the present value, on such anniversary,
of the future guaranteed benefits which would have been...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-81.htm - 4K - Match Info - Similar pages
27-14-3
Section 27-14-3 Insurable interest - Personal insurance; preneed contracts. (a) Insurable interest
with reference to personal insurance is an interest based upon a reasonable expectation of
pecuniary advantage through the continued life, health, or bodily safety of another person
and consequent loss by reason of his or her death or disability or a substantial interest
engendered by love and affection in the case of individuals closely related by blood or by
law. (b) An individual has an unlimited insurable interest in his or her own life, health,
and bodily safety and may lawfully take out a policy of insurance on his or her own life,
health, or bodily safety and have the same made payable to whomsoever he or she pleases, regardless
of whether the beneficiary so designated has an insurable interest. (c) A corporation, foreign
or domestic, has an insurable interest in the life or physical or mental ability of any of
its directors, officers, or employees, or the directors, officers, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-3.htm - 5K - Match Info - Similar pages
35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) APPARENT OWNER. A person whose name appears on the records of a holder as the person entitled
to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION. A corporation,
joint stock company, investment company, partnership, unincorporated association, joint venture,
limited liability company, business trust, trust company, safe deposit company, financial
organization, insurance company, mutual fund, utility, or other business entity consisting
of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-12-71.htm - 6K - 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
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
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