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19-3-125
Section 19-3-125 Life, endowment, or annuity contracts. In addition to any other investment
now permitted by law, a guardian or trustee may invest the funds of his ward or of the beneficiary
of the trust in life, endowment or annuity contracts of legal reserve life insurance companies
duly qualified and authorized to write such business in the State of Alabama; provided, however,
that the annual premium or premiums on such contracts purchased by such guardian or trustee
shall not exceed 25 percent of the income of the ward or the beneficiary for any calendar
year preceding the date of such purchase. The contract must contain the following options
after it has been in force for three years or less: a cash surrender value option, a paid-up
insurance or endowment option, and an extended insurance or endowment option. Such contract
may be issued on the life or lives of the ward or wards, or beneficiary or beneficiaries of
the trust or upon the life or lives of persons in whose life or...
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27-12A-20
Section 27-12A-20 Fraud warning. (a) A fraud warning shall be included on at least one of the
following: Claim release forms, applications, reinstatements for insurance, participation
agreements, declaration pages, and claim documents, regardless of the method or form of transmission
and shall contain the following statement or a substantially similar statement: "Any
person who knowingly presents a false or fraudulent claim for payment of a loss or benefit
or who knowingly presents false information in an application for insurance is guilty of a
crime and may be subject to restitution, fines, or confinement in prison, or any combination
thereof." (b) The lack of a statement required by subsection (a) shall not constitute
a defense in any prosecution for insurance fraud. (c) Policies issued by unauthorized insurers
shall contain a statement disclosing the status of the insurer to do business in the state
where the policy is delivered or issued for delivery or the state where coverage is...
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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...
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27-21A-1
Section 27-21A-1 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively: (1) AGENT. A person who is appointed or employed by a health maintenance
organization and who engages in solicitation of membership in such organization. This definition
does not include a person enrolling members on behalf of an employer, union, or other organization.
(2) BASIC HEALTH CARE SERVICES. Emergency care, inpatient hospital and physician care, and
outpatient medical services. (3) COMMISSIONER. The Commissioner of Insurance. (4) ENROLLEE.
An individual who is enrolled in a health maintenance organization. (5) EVIDENCE OF COVERAGE.
Any certificate, agreement, or contract issued to an enrollee setting out the coverage to
which he is entitled. (6) HEALTH CARE SERVICES. Any services included in the furnishing to
any individual of medical or dental care, or hospitalization or incident to the furnishing
of such care or hospitalization, as well as the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-21A-1.htm - 3K - Match Info - Similar pages
27-36A-8
Section 27-36A-8 Reserve valuation method - Life insurance and endowment benefits. (a) Except
as otherwise provided in Sections 27-36A-9, 27-36A-12, and 27-36A-14, reserves according to
the commissioners reserve valuation method, for the life insurance and endowment benefits
of policies providing for a uniform amount of insurance and requiring the payment of uniform
premiums, shall be the excess, if any, of the present value, at the date of valuation, of
the future guaranteed benefits provided for by the policies over the then present value of
any future modified net premiums therefor. The modified net premiums for a policy shall be
the uniform percentage of the respective contract premiums for the benefits, excluding extra
premiums on a substandard policy, that the present value, at the date of issue of the policy,
of all modified net premiums shall be equal to the sum of the then present value of the benefits
provided for by the policy and the excess of subdivision (1) over...
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11-91-7
Section 11-91-7 Validation, etc., of policies issued prior to August 16, 1947, and acts done
and premiums paid in accordance therewith. All contracts and policies of group life, health,
accident, and hospitalization insurance or any one or more of them which have been issued
prior to August 16, 1947, to any municipal corporation, county, city or county board of education
or any state agency or institution of education, learning, training or correction, or for
the delinquent, insane, sick, deaf, dumb, blind, needy, juvenile, or aged for the benefit
of its officers and employees or any portion of them are hereby ratified, confirmed, approved,
and validated. All acts done and all premiums paid by any such municipal corporation, county,
board, agency or institution in accordance with the terms of any such contract or policy are
hereby ratified, confirmed, approved and validated. (Acts 1947, No. 377, p. 269, ยงยง1, 2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-91-7.htm - 1K - Match Info - Similar pages
34-14B-3
Section 34-14B-3 Application for licensure. (a) An applicant for licensure as a home inspector
shall submit an application, under oath, upon a form to be prescribed by the Building Commission
which shall include, as a minimum, the following information pertaining to the applicant:
(1) Social Security number for natural persons or employer identification number for other
entities. (2) The name and address under which the applicant conducts business, if an individual
proprietorship; the name and address of each partner or venturer, if the applicant is a partnership
or joint venture; or the name and address of the corporate officers and statutory agent for
service, if the applicant is a corporation. (3) A certificate issued by an insurance company
licensed to do business in the State of Alabama that the applicant has procured public liability
and property damage insurance covering the applicant's home inspection operations in the sum
of not less than twenty thousand dollars ($20,000) for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-14B-3.htm - 3K - Match Info - Similar pages
8-6-51
Section 8-6-51 Membership; qualifications and appointment of commissioners; use or disclosure
of confidential information by commissioners, employees, etc.; civil liability of commissioners.
(a) The Securities Commission shall consist of the Attorney General of Alabama, the State
Superintendent of Banks, the State Superintendent of Insurance and four other members appointed
by the Governor by and with the advice and consent of the Senate. Two appointed members shall
be members of the Alabama Bar Association appointed from a list of three nominees for each
position submitted by the bar association, and the other two appointed members shall be certified
public accountants appointed from a list of three nominees for each position submitted by
the Alabama Society of Certified Public Accountants. The membership of the commission shall
be inclusive and reflect the racial, gender, geographic, urban/rural, and economic diversity
of the state. (b) No person may be appointed to or by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-51.htm - 2K - Match Info - Similar pages
11-50A-26
Section 11-50A-26 Provisions of resolution, agreement, chapter, etc., as irrevocable contract
with holders of bonds, notes, etc. The provisions of any bond resolution, trust agreement
or indenture authorized in this chapter shall be a contract with every holder of the bonds,
bond anticipation notes or notes; and the duties of the authority under this chapter and under
any bond resolution, indenture, or trust agreement shall be enforceable by any bondholder
or noteholder by mandamus or other appropriate action. While any of the bonds, bond anticipation
notes or notes issued by the authority shall remain outstanding, the powers, duties, or existence
of the authority or of its officers, employees, or agents shall not be diminished, impaired,
or affected in any manner which will affect adversely the interest and rights of the holders
of those bonds, bond anticipation notes or notes. Any change in name or composition of the
authority shall in no way affect the vested rights of any person...
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11-61A-10
Section 11-61A-10 Operation of the facility. (a) As used in this section, the word "person"
means a natural person, a corporation, a partnership, or an unincorporated association. (b)
The authority shall carefully consider and decide whether it is in the public interest for
the authority to operate the facility, enter into a contract with a person to operate the
facility for the authority, or lease the facility. The authority shall consider all the following
factors in making this determination: (1) The relative efficiency of the alternate operations.
(2) The relative economy of the alternate operations. (3) The overall advantage and benefit
to the authority and the public of the alternate operations. In order to make this determination,
the authority shall ascertain each of the following: (1) The amount necessary in each year
to pay the principal and interest on the bonds proposed to be issued to finance the parking
facility. (2) The amount necessary to be paid each year to any...
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