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27-15-2
Section 27-15-2 Life insurance policy provisions - Generally. (a) No policy of life insurance
other than industrial, group, and pure endowments, with or without return of premiums or of
premiums and interest, shall be delivered or issued for delivery in this state unless it contains
in substance all of the provisions required by Sections 27-15-3 through 27-15-14. This section
shall not apply to burial insurance, annuity contracts, to any provision of a life insurance
policy, or contract supplemental thereto, relating to disability benefits or to additional
benefits in the event of death or dismemberment by accident or accidental means or to any
provision relating to waiver of premiums in the event of death or disability of the beneficiary
or premium payer. (b) Any of such provisions, or portions thereof not applicable to single
premium or term policies, shall, to that extent, not be incorporated therein. (Acts 1971,
No. 407, p. 707, §347.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-2.htm - 1K - Match Info - Similar pages
27-16-9
Section 27-16-9 Policy provisions - Reinstatement. (a) There shall be a provision that unless
the policy has been surrendered for its cash value, or its cash surrender value has been exhausted
or the period of any extended insurance provided by the policy has expired, the policy will
be reinstated at any time within two years after the date of premium default upon written
application therefor, the production of evidence of insurability satisfactory to the insurer,
the payment of all overdue premiums and payment or, within the limits permitted by the then
cash value of the policy, reinstatement of any other indebtedness to the insurer upon the
policy with interest as to both premiums and indebtedness at a rate not exceeding six percent
per annum compounded annually. (b) If for the purpose of or toward reinstatement of a policy
after its lapse the insurer receives a payment or tender of premium or other funds in amount
less than as required to effectuate the reinstatement so as to place...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-16-9.htm - 2K - Match Info - Similar pages
27-40-1
Section 27-40-1 Definitions. For the purposes of this chapter, the following words and phrases
shall have the following meanings: (1) INSURANCE PREMIUM FINANCE COMPANY. A person engaged
in the business of entering into premium finance agreements. (2) PREMIUM FINANCE AGREEMENT.
An agreement by which an insured or prospective insured promises to pay to a premium finance
company the amount advanced or to be advanced under the agreement to an insurer or to an insurance
agent or broker in payment of premiums on an insurance contract together with a service charge,
as authorized and limited by this chapter, and charges for wind mitigation construction financing,
as approved by the commissioner. (3) LICENSEE. A premium finance company holding a license
issued under this chapter. (4) PERSON. An individual, partnership, association, business corporation,
nonprofit corporation, common law trust, joint-stock company, or any other group of individuals
however organized. (5) INSURANCE CONTRACT. The...
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27-44-5
Section 27-44-5 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ACCOUNT. Either
of the three accounts created under Section 27-44-6. (2) ASSOCIATION. The Alabama Life and
Disability Insurance Guaranty Association created under Section 27-44-6. (3) AUTHORIZED ASSESSMENT
or the term AUTHORIZED when used in the context of assessments. A resolution by the board
of directors has been passed whereby an assessment will be called immediately or in the future
from member insurers for a specified amount. An assessment is authorized when the resolution
is passed. (4) BENEFIT PLAN. A specific employee, union, or association of natural persons
benefit plan. (5) CALLED ASSESSMENT or the term CALLED when used in the context of assessments.
A notice that has been issued by the association to member insurers requiring that an authorized
assessment be paid within the time frame set forth within...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-44-5.htm - 7K - Match Info - Similar pages
8-32-4
Section 8-32-4 Required provisions, reimbursement insurance policy. Reimbursement insurance
policies insuring service contracts sold in this state shall provide that, upon failure of
the provider to perform under the service contract, including, without limitation, failure
to refund or credit the unearned portion of the purchase price of the service contract to
the extent required by this chapter, the insurer that issued the reimbursement insurance policy
shall pay on behalf of the provider any sums the provider is legally obligated to pay to a
service contract holder, or shall provide the service which the provider is legally obligated
to perform, according to the provider's contractual obligations under the service contracts
sold by the provider. The reimbursement insurance company shall be responsible to refund only
the unearned premium net of the unearned provider fee, and the provider shall be responsible
for refunding or crediting the unearned provider fee in excess of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-32-4.htm - 1K - Match Info - Similar pages
16-25A-17.1
Section 16-25A-17.1 Assistance to low income employees and retirees. The board shall provide
assistance to low income employees and retirees who meet the federal poverty levels defined
in this section, effective October 1, 2005, and for each fiscal year thereafter. (1) For employees
and retirees who contribute to the cost of their health insurance premium and with annual
income (determined as provided below on an aggregate basis for an employee or retiree and
spouse) equal to or below 300 percent of the federal poverty level, the employee or retiree
contribution shall be reduced as follows: a. For employees or retirees with annual income
equal to or less than 100 percent of the federal poverty level, the employee contribution
will be calculated using 50 percent of the applicable premium. b. For employees or retirees
with annual income equal to or less than 150 percent of the federal poverty level, but more
than 100 percent of the federal poverty level, the employee contribution will be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-25A-17.1.htm - 3K - Match Info - Similar pages
27-12-10
Section 27-12-10 Financial inducements to purchase insurance. (a) No person shall issue or
deliver, or permit its agents, officers, or employees to issue or deliver, agency company
stock or other capital stock, or benefit certificates or shares in any common-law corporation,
or securities, or any special or advisory board contract or other contract of any kind promising
returns and profits as an inducement to insurance. The commissioner shall refuse to issue
a certificate of authority or license to any insurer or other person that is in violation
of this section and shall revoke the certificate of authority or license of any such violating
insurer or person if such authority or license is already outstanding. (b) No person shall
issue or deliver, or permit its agents, officers, or employees to issue or deliver, in this
state, any life insurance policy or contract of annuity in which are used such words as "investment
plan," "expansion plan," "profit-sharing," "charter plan,"
"founders'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-12-10.htm - 2K - Match Info - Similar pages
27-15-11
Section 27-15-11 Life insurance policy provisions - Reinstatement. There shall be a provision
that unless the policy has been surrendered for its cash value, or its cash surrender value
has been exhausted or the period of any extended insurance provided by the policy has expired,
the policy will be reinstated at any time within three years after the date of premium default
upon written application therefor, the production of evidence of insurability satisfactory
to the insurer, the payment of all overdue premiums and payment, or, within the limits permitted
by the then cash value of the policy, reinstatement, of any other indebtedness to the insurer
upon the policy, with interest as to both premiums and indebtedness at a rate not exceeding
the rate of interest on policy loans specified in the policy in accordance with the provisions
of Section 27-15-8, as may be amended from time to time. (Acts 1971, No. 407, p. 707, §356;
Acts 1981, No. 81-381, p. 564, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-15-11.htm - 1K - 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
27-21A-7
Section 27-21A-7 Evidence of coverage and charges for health care services. (a)(1) Every enrollee
residing in this state is entitled to an evidence of coverage. If the enrollee obtains such
coverage through an insurance policy or a contract issued by a health care service plan, the
insurer or the health care service plan shall issue the evidence of coverage. Otherwise, the
health maintenance organization shall issue the evidence of coverage. (2) No evidence of coverage,
or amendment thereto, shall be issued or delivered to any person in this state until a copy
of the basic form of the evidence of coverage, or amendment thereto, has been filed with the
commissioner and the State Health Officer, and approved by the commissioner. (3) An evidence
of coverage shall contain: a. No provisions or statements which encourage misrepresentation,
or which are untrue, misleading, or deceptive as defined in subsection (a) of Section 27-21A-13;
and b. A clear and concise statement, if a contract, or a...
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