43-7-5
Section 43-7-5 Insurance policies. Where the insured and the beneficiary in a policy of life
or accident insurance have died and there is no sufficient evidence that they have died otherwise
than simultaneously, the proceeds of the policy shall be distributed as if the insured had
survived the beneficiary. (Acts 1949, No. 542, p. 852, §4.)...
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43-7-3
Section 43-7-3 Beneficiaries of another person's disposition of property. Where two or more
beneficiaries are designated to take successively by reason of survivorship under another
person's disposition of property and there is no sufficient evidence that these beneficiaries
have died otherwise than simultaneously, the property thus disposed of shall be divided into
as many equal portions as there are successive beneficiaries and these portions shall be distributed
respectively to those who would have taken in the event that each designated beneficiary had
survived. (Acts 1949, No. 542, p. 852, §2.)...
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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...
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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...
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35-12-72
Section 35-12-72 Presumption of abandonment. (a) Property is presumed abandoned if it is unclaimed
by the apparent owner during the time set forth below for the particular property: (1) Traveler's
checks, 15 years after issuance. (2) Money order, five years after issuance. (3) A demand,
savings, or time deposit including a deposit that is automatically renewable, three years
after the earlier of maturity, as extended from time to time, or the date of the last indication
by the apparent owner of interest in the property. (4) Tangible and intangible property held
in a safe deposit box or other safekeeping depository in this state in the ordinary course
of the holder's business and proceeds resulting from the sale of the property permitted by
other law, three years after expiration of the lease or rental period on the box or other
depository. (5) Money or credits owed to a customer as a result of a retail business transaction,
one year after the obligation accrued. (6) Property in an...
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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;...
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35-8A-313
Section 35-8A-313 Insurance. (a) Commencing not later than the time of the first conveyance
of a unit to a person other than a declarant, the association shall maintain, to the extent
reasonably available: (1) Property insurance on the common elements insuring against all risks
of direct physical loss commonly insured against or, in the case of a conversion building,
against fire and extended coverage perils. The total amount of insurance after application
of any deductibles shall be not less than the greater of 80 percent of the actual cash value
of the insured property at the time the insurance is purchased or such greater percentage
of such actual cash value as may be necessary to prevent the applicability of any co-insurance
provision and at each renewal date, exclusive of land, excavations, foundations, and other
items normally excluded from property policies; and (2) Liability insurance, including medical
payments insurance, in an amount determined by the board but not less than...
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27-19-19
Section 27-19-19 Optional policy provisions - Other insurance in this insurer. There may be
a provision as follows: "Other Insurance in This Insurer: If an accident or sickness
or accident and sickness policy, or policies, previously issued by the insurer to the insured
be in force concurrently herewith, making the aggregate indemnity for _____ (insert type of
coverage or coverages) in excess of $ _____ (insert maximum limit of indemnity or indemnities),
the excess insurance shall be void and all premiums paid for such excess shall be returned
to the insured or to his estate." Or, in lieu thereof: "Insurance effective at any
one time on the insured under a like policy, or policies, in this insurer is limited to the
one such policy elected by the insured, his beneficiary or his estate, as the case may be,
and the insurer will return all premiums paid for all other such policies." (Acts 1953,
No. 193, p. 247, §3; Acts 1957, No. 597, p. 834; Acts 1971, No. 407, p. 707, §440.)...
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19-3B-1305
Section 19-3B-1305 Trusts consisting of insurance policies or proceeds. Trusts consisting solely
of policies of life, health, accident, or disability insurance, or of the proceeds or avails
thereof, shall for the purpose of determining whether any law against perpetuities or suspension
of the power of alienation of title to property is applicable thereto be regarded as created
when the liability of the insurer accrues by reason of the occurrence of the event insured
against, whether or not a power to revoke the trust as to the policies was reserved during
the life of the insured and whether or not any beneficial interest in the policies is alienable
by the beneficiaries and whether or not the beneficiary or beneficiaries were in being at
the time of the creation of the trust. (Acts 1949, No. 265, p. 389; §35-4-260; Act 2006-216,
p. 314, §2.)...
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43-7-4
Section 43-7-4 Joint tenants or tenants by the entirety. Where there is no sufficient evidence
that two joint tenants or tenants by the entirety have died otherwise than simultaneously,
the property so held shall be distributed one half as if one had survived and one half as
if the other had survived. If there are more than two joint tenants and all of them have so
died, the property thus distributed shall be in the proportion that one bears to the whole
number of joint tenants. (Acts 1949, No. 542, p. 852, §3.)...
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