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27-15-3
Section 27-15-3 Life insurance policy provisions - Grace period. There shall be a provision
that a grace period of 30 days or, at the option of the insurer, of one month of not less
than 30 days shall be allowed within which the payment of any premium after the first may
be made, during which period of grace the policy shall continue in full force; but if a claim
arises under the policy during such period of grace, the amount of any premium due or overdue
may be deducted from the policy proceeds. (Acts 1971, No. 407, p. 707, §348.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-3.htm - 843 bytes - Match Info - Similar pages
27-18-14
Section 27-18-14 Notice as to conversion rights. If any individual insured under a group life
insurance policy hereafter delivered in this state becomes entitled under the terms of such
policy to have an individual policy of life insurance issued to him without evidence of insurability,
subject to making of application and payment of the first premium within the period specified
in such policy, and if such individual is not given notice of the existence of such right
at least 15 days prior to the expiration date of such period, then, in such event, the individual
shall have an additional period within which to exercise such right, but nothing contained
in this section shall be construed to continue any insurance beyond the period provided in
such policy. This additional period shall expire 15 days next after the individual is given
such notice, but in no event shall such additional period extend beyond 60 days next after
the expiration date of the period provided in such policy....
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15-22-1.1
Section 15-22-1.1 Interstate Compact for Adult Offender Supervision. Whereas: The Interstate
Compact for the Supervision of Parolees and Probationers was established in 1937, it is the
earliest corrections "compact" established among the states and has not been amended
since its adoption over 62 years ago; Whereas: This compact is the only vehicle for the controlled
movement of adult parolees and probationers across state lines, and it currently has jurisdiction
over more than a quarter of a million offenders; Whereas: The complexities of the compact
have become more difficult to administer, and many jurisdictions have expanded supervision
expectations to include currently unregulated practices such as victim input, victim notification
requirements, and sex offender registration; Whereas: After hearings, national surveys, and
a detailed study by a task force appointed by the National Institute of Corrections, the overwhelming
recommendation has been to amend the document to bring about...
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27-15-7
Section 27-15-7 Life insurance policy provisions - Dividends. There shall be a provision in
participating policies that, beginning not later than the end of the third policy year, the
insurer shall annually ascertain and apportion the divisible surplus, if any, that will accrue
on the policy anniversary or other dividend date specified in the policy, provided the policy
is in force and all premiums to that date are paid. Except as provided in this section, any
dividend becoming payable shall, at the option of the party entitled to elect such option,
be either: (1) Payable in cash; or (2) Applied to any one of such other dividend options as
may be provided by the policy. If any such other dividend options are provided, the policy
shall further state which option shall be automatically effective if such party shall not
have elected some other option. If the policy specifies a period within which such other dividend
option may be elected, such period shall be not less than 30 days...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-7.htm - 2K - Match Info - Similar pages
27-18-4
Section 27-18-4 Policy provisions - Incontestability. The group life insurance policy shall
contain a provision that the validity of the policy shall not be contested, except for nonpayment
of premium, after it has been in force for two years from its date of issue and that no statement
made by any person insured under the policy relating to his insurability shall be used in
contesting the validity of the insurance with respect to which such statement was made after
such insurance has been in force prior to the contest for a period of two years during such
person's lifetime nor unless it is contained in a written instrument signed by him. (Code
1940, T. 28, §7; Acts 1967, No. 181, p. 543; Acts 1971, No. 407, p. 707, §410.)...
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27-34-30
Section 27-34-30 Life benefit certificate - Filing with commissioner; standard provisions.
(a) After January 1, 1973, no life benefit certificate shall be delivered, or issued for delivery,
in this state unless a copy of the form has been filed with the commissioner. (b) The certificate
shall contain in substance the following standard provisions or, in lieu thereof, provisions
which are more favorable to the member: (1) Title on the face and filing page of the certificate
clearly and correctly describing its form; (2) A provision stating the amount of rates, premiums,
or other required contributions, by whatever name known, which are payable by the insured
under the certificate; (3) A provision that the member is entitled to a grace period of not
less than a full month, or 30 days at the option of the society, in which the payment of any
premium after the first may be made. During such grace period the certificate shall continue
in full force, but in case the certificate becomes a...
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43-8-253
Section 43-8-253 Effect of homicide on intestate succession, wills, joint assets, life insurance
and beneficiary designations; effect of bona fide purchase by third party or good faith payment
by obligor, etc. (a) A surviving spouse, heir or devisee who feloniously and intentionally
kills the decedent is not entitled to any benefits under the will or under articles 3 through
10 of this chapter, and the estate of decedent passes as if the killer had predeceased the
decedent. Property appointed by the will of the decedent to or for the benefit of the killer
passes as if the killer had predeceased the decedent. (b) Any joint tenant who feloniously
and intentionally kills another joint tenant thereby effects a severance of the interest of
the decedent so that the share of the decedent passes as his property and the killer has no
rights by survivorship. This provision applies to joint tenancies with the right of survivorship
and tenancies in common during the respective lives of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/43-8-253.htm - 3K - Match Info - Similar pages
27-15-8.1
Section 27-15-8.1 Life insurance policy provisions - Maximum rates of interest on policy loans.
(a) For purposes of this section the "published monthly average" means: (1) The
Monthly Average of the Composite Yield on Seasoned Corporate Bonds as published by Moody's
Investors Service, Inc., or any successor thereto; or (2) In the event that the Monthly Average
of the Composite Yield on Seasoned Corporate Bonds is no longer published, a substantially
similar average, established by regulation issued by the commissioner. (b)(1) Policies issued
on or after May 15, 1981, shall provide for policy loan interest rates as follows: a. A provision
permitting a maximum interest rate of not more than eight percent per annum; or b. A provision
permitting an adjustable maximum interest rate established from time to time by the life insurer
as permitted by law. (2) The rate of interest charged on a policy loan made under subdivision
(1) of this subsection shall not exceed the higher of the following:...
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25-5-8
Section 25-5-8 Employers' options to secure payment of compensation. (a) Option to insure risks.
An employer subject to this chapter may secure the payment of compensation under this chapter
by insuring and keeping insured his or her liability in some insurance corporation, association,
organization, insurance association, corporation, or association formed of employers and workers
or formed by a group of employers to insure the risks under this chapter, operating by mutual
assessment or other plans or otherwise. Notwithstanding the foregoing, the insurance association,
organization, or corporation shall have first had its contract and plan of business approved
in writing by the Commissioner of the Department of Insurance of Alabama and have been authorized
by the Department of Insurance to transact the business of workers' compensation insurance
in this state and under the plan. Notwithstanding any other provision of the law to the contrary,
the obligations of employers under law for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-5-8.htm - 14K - 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...
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