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27-19-7
Section 27-19-7 Mandatory policy provisions - Reinstatement. There shall be a provision as
follows: "Reinstatement: If any renewal premium be not paid within the time granted the
insured for payment, a subsequent acceptance of premium by the insurer or by any agent duly
authorized by the insurer to accept such premium, without requiring in connection therewith
an application for reinstatement, shall reinstate the policy; provided, however, that if the
insurer or such agent requires an application for reinstatement and issues a conditional receipt
for the premium tendered, the policy will be reinstated upon approval of such application
by the insurer or, lacking such approval, upon the forty-fifth day following the date of such
conditional receipt unless the insurer has previously notified the insured in writing of its
disapproval of such application. The reinstated policy shall cover only loss resulting from
such accidental injury as may be sustained after the date of reinstatement and...
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27-16-6
Section 27-16-6 Policy provisions - Incontestability. There shall be a provision that the policy,
exclusive of provisions relating to disability or dismemberment benefits or to additional
benefits in the event of death by accident or accidental means, shall be incontestable, except
for nonpayment of premiums, after it has been in force during the lifetime of the insured
for a period of two years from its date of issue. (Code 1940, T. 28, §7; Acts 1967, No. 181,
p. 543; Acts 1971, No. 407, p. 707, §380.)...
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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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5-26-6
Section 5-26-6 Issuance of license. The supervisor shall not issue a mortgage loan originator
license unless the Supervisor makes at a minimum the following findings: (1) NO LICENSE REVOCATION.
The applicant has never had a mortgage loan originator license revoked in any governmental
jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed
a revocation. (2) NO FELONY CONVICTION. The applicant has not been convicted of, or pled guilty
or nolo contendere to, a felony in a domestic, foreign, or military court: (a) During the
seven-year period preceding the date of the application for licensing and registration; or
(b) At any time preceding such date of application, if such felony involved an act of fraud,
dishonesty, or a breach of trust, or money laundering; (c) Provided that any pardon of a conviction
shall not be a conviction for purposes of this subsection. (3) CHARACTER AND FITNESS. The
applicant has demonstrated financial responsibility,...
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27-15-4
Section 27-15-4 Life insurance policy provisions - Incontestability. There shall be a provision
that the policy, exclusive, at the option of the insurer, of provisions relating to disability
benefits or to additional benefits in the event of death by accident or accidental means,
shall be incontestable, except for nonpayment of premiums, after it has been in force during
the lifetime of the insured for a period of two years from its date of issue. (Acts 1967,
No. 181, p. 543; Acts 1971, No. 407, p. 707, §349.)...
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27-19-6
Section 27-19-6 Mandatory policy provisions - Grace period. There shall be a provision as follows:
"Grace Period: A grace period of _____ (insert a number not less than '7' for weekly
premium policies, '10' for monthly premium policies and '31' for all other policies) days
will be granted for the payment of each premium falling due after the first premium, during
which grace period the policy shall continue in force." A policy in which the insurer
reserves the right to refuse any renewal shall have, at the beginning of the above provision,
"Unless not less than 30 days prior to the premium due date the insurer has delivered
to the insured or has mailed to his last address as shown by the records of the insurer written
notice of its intention not to renew this policy beyond the period for which the premium has
been accepted." (Acts 1953, No. 193, p. 247, §3; Acts 1957, No. 597, p. 834; Acts 1971,
No. 407, p. 707, §427.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-6.htm - 1K - 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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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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27-19-22
Section 27-19-22 Optional policy provisions - Relation of earnings to insurance. (a) There
may be a provision as follows: "Relation of Earnings to Insurance: If the total monthly
amount of loss of time benefits promised for the same loss under all valid loss of time coverage
upon the insured, whether payable on a weekly or monthly basis, shall exceed the monthly earnings
of the insured at the time disability commenced or his average monthly earnings for the period
of two years immediately preceding a disability for which claim is made, whichever is the
greater, the insurer will be liable only for such proportionate amount of such benefits under
this policy as the amount of such monthly earnings or such average monthly earnings of the
insured bears to the total amount of monthly benefits for the same loss under all such coverage
upon the insured at the time such disability commences and for the return of such part of
the premiums paid during such two years as shall exceed the pro rata...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-19-22.htm - 2K - Match Info - Similar pages
36-27-4
Section 36-27-4 Membership - Generally; denial of membership; absence from service; military
service. (a) The membership of the retirement system shall be composed as follows: (1) All
persons who shall become employees after October 1, 1945, shall become members of the retirement
system as a condition of their employment. (2) Any person who is an employee on October 1,
1945, shall become a member as of that date unless, within a period of 90 days next following,
such employee shall file with the Board of Control on a form prescribed by the board a notice
of his or her election not to be covered in the membership of the system and a duly executed
waiver of all present and prospective benefits which would otherwise inure to him or her on
account of his or her membership in the retirement system. (3) An employee whose membership
in the retirement system is contingent on his or her own election and who elects not to become
a member may thereafter apply for and be admitted to membership...
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