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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In this
article: (1) "Accession" means goods that are physically united with other goods
in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
27-15-13
Section 27-15-13 Life insurance policy provisions - Settlement of claims. (a) There shall be
a provision that when a life insurance policy shall become a claim by the death of the insured,
settlement shall be made upon receipt of due proof of death and, at the insurer's option,
surrender of the policy and proof of the interest of the claimant. If an insurer shall specify
a particular period prior to the expiration of which settlement shall be made, such period
shall not exceed two months from the receipt of such proofs. (b) Notwithstanding any other
provision of law regarding payment of interest on contracts, if an insurer fails to pay the
proceeds of or make payment under a policy pursuant to a death claim within 30 days after
receipt of satisfactory proof of death and of the interest of the claimant, and if the beneficiary
of the policy elects to receive a lump-sum payment through a retained asset account or otherwise,
the insurer shall pay interest on any money due and unpaid after...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-13.htm - 1K - Match Info - Similar pages
27-17-11
Section 27-17-11 Policy provisions - Payment of cash benefits. (a) There shall be a provision
that any cash benefit provided by the policy upon the death of the insured will be payable
upon receipt of due proof of death of the insured and, at the insurer's option, the surrender
of the policy and premium receipt book. (b) The policy may also provide for the payment of
such benefit or any other cash benefit due under the policy to the beneficiary designated
in the policy, or to the executor or administrator of the insured, or to any relative of the
insured by blood, or legal adoption or connection by marriage or to any person appearing to
the insurer to be equitably entitled thereto by reason of having incurred expense for the
maintenance, medical attention or burial of the insured. (Acts 1971, No. 407, p. 707, ยง402.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-17-11.htm - 1K - Match Info - Similar pages
27-14-29
Section 27-14-29 Rights of beneficiaries, etc., under life insurance policies against creditors,
etc. (a) If a policy of insurance, whether heretofore or hereafter issued, is effected by
any person on his own life or on another life in favor of a person other than himself or,
except in cases of transfer with intent to defraud creditors, if a policy of life insurance
is assigned or in any way made payable to any such person, the lawful beneficiary, or assignee
thereof, other than the insured or the person so effecting such insurance or his executors
or administrators, shall be entitled to its proceeds and avails against the creditors, personal
representatives, trustees in bankruptcy, and receivers in state and federal courts of the
person insured and of the person effecting the insurance, whether or not the right to change
the beneficiary is reserved or permitted and whether or not the policy is made payable to
the person whose life is insured, if the beneficiary or assignee shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-14-29.htm - 3K - Match Info - Similar pages
32-7-22
Section 32-7-22 Motor vehicle liability policy defined; policy provisions. (a) A motor vehicle
liability policy, as the term is used in this chapter, means an owner's or an operator's policy
of liability insurance, certified as provided in Section 32-7-20 or Section 32-7-21 as proof
of financial responsibility, and issued, except as otherwise provided in Section 32-7-21,
by an insurance carrier duly authorized to transact business in this state, to or for the
benefit of the person named in the policy as insured. (b) The owner's policy of liability
insurance: (1) Shall designate by explicit description or by appropriate reference all motor
vehicles to be insured; and (2) Shall insure the person named in the policy and any other
person, as insured, using any motor vehicle or motor vehicles designated in the policy with
the express or implied permission of the named insured, against loss from the liability imposed
by law for damages arising out of the ownership, maintenance, or use of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/32-7-22.htm - 5K - Match Info - Similar pages
27-16-12
Section 27-16-12 Policy provisions - Beneficiaries; payment to other than designated beneficiary.
(a) Each such policy shall have a space for the name of the beneficiary designated with a
reservation of the right to designate or change the beneficiary after the issuance of the
policy. (b) The policy may also provide that no designation or change of beneficiary shall
be binding on the insurer until endorsed on the policy by the insurer and that the insurer
may refuse to endorse the name of any proposed beneficiary who does not appear to the insurer
to have an insurable interest in the life of the insured. (c) Such a policy may also provide
that if the beneficiary designated in the policy does not make a claim under the policy or
does not surrender the policy with due proof of death within the period stated in the policy,
which shall be not less than 30 days after the death of the insured, or if the beneficiary
is the estate of the insured, or is a minor, or dies before the insured or is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-16-12.htm - 1K - Match Info - Similar pages
27-15-52
Section 27-15-52 Definitions. The following terms shall have the following meanings: (1) COMMERCIALLY
REASONABLE EFFORT. The plans, processes, or procedures necessary to confirm the death of the
insured, contract owner or annuitant, or retained asset account holder against other available
records and information and, as applicable, to locate the beneficiary or beneficiaries or
other person entitled to payment pursuant to the terms of the policy or contract which have
been developed by each insurer and submitted to and approved by the department. (2) CONTRACT.
An annuity contract. The term contract shall not include an annuity used to fund an employment-based
retirement plan or program where the insurer is not committed by terms of the annuity contract
to pay death benefits to the beneficiaries of specific plan participants. (3) DEATH MASTER
FILE. The United States Social Security Administration's Death Master File or any other database
or service that is at least as comprehensive as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-52.htm - 3K - Match Info - Similar pages
27-19-12
Section 27-19-12 Mandatory policy provisions - Payment of claims. There shall be a provision
as follows: "Payment of Claims: Indemnity for loss of life will be payable in accordance
with the beneficiary designation and the provisions respecting such payment which may be prescribed
herein and effective at the time of payment. If no such designation or provision is then effective,
such indemnity shall be payable to the estate of the insured. Any other accrued indemnities
unpaid at the insured's death may, at the option of the insurer, be paid either to such beneficiary
or to such estate. All other indemnities will be payable to the insured." The following
provisions, or either of them, may be included with the foregoing provision at the option
of the insurer: "If any indemnity of this policy shall be payable to the estate of the
insured or to an insured or beneficiary who is a minor or otherwise not competent to give
a valid release, the insurer may pay such indemnity, up to an amount...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-12.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
27-17A-10
Section 27-17A-10 Certificate required. (a) No person may sell a preneed contract without first
having a valid certificate of authority. (b)(1) No person may receive any funds for payment
on a preneed contract who does not hold a valid certificate of authority. (2) Any preneed
transaction in which a buyer pays to the seller before need, in whole or in part, a purchase
price for funeral or cemetery merchandise and services, and in which the seller is not obligated
to deliver the contracted for merchandise or to perform the services until need, in whole
or in part, shall be evidenced by a written preneed contract satisfying the requirements of
this chapter and signed by the seller and the purchaser. No person may receive or accept any
form of consideration in such a transaction without a fully signed written preneed contract.
A transaction not evidenced by a signed written preneed contract shall be voidable at the
election of the buyer and, if such election is made, the seller shall...
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