reglab/housing_qa huggingface dataset:
AL Code § 27-15-19 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-19 - Annuity and Pure Endowment Contract Provisions - Entire Contract.

Section 27-15-19Annuity and pure endowment contract provisions - Entire contract. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the written contract shall constitute the entire contract between the parties or, if a copy of the application or a summary thereof is endorsed upon or attached to the contract when issued, a provision that the written contract and the application or summary thereof shall constitute the entire contract between the parties. In the event of discrepancies between the original application and the summary, the contents of the original application shall govern. When a summary of the application is attached to the policy, the insurer shall keep and maintain the original application for insurance or a copy thereof for a period of not less than three years from the date on which the policy was issued. (Acts 1935, No. 152, p. 194; Acts 1971, No. 407, p. 707, §364; Acts 1988, No. 88-545, p. 844, §3.)
AL Code § 27-15-20 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-20 - Annuity and Pure Endowment Contract Provisions - Misstatement of Age or Sex.

Section 27-15-20Annuity and pure endowment contract provisions - Misstatement of age or sex. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that if the age or sex of the person, or persons, upon whose life, or lives, the contract is made, or of any of them, has been misstated, the amount payable or benefits accruing under the contract shall be such as the stipulated payment, or payments, to the insurer would have purchased according to the correct age or sex and that if the insurer shall make, or has made, any overpayment, or overpayments, on account of any such misstatement the amount thereof, with interest at the rate to be specified in the contract but not exceeding six percent per annum, may be charged against the current or next succeeding payment, or payments, to be made by the insurer under the contract. (Acts 1971, No. 407, p. 707, §365.)
AL Code § 27-15-21 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-21 - Annuity and Pure Endowment Contract Provisions - Dividends.

Section 27-15-21Annuity and pure endowment contract provisions - Dividends. If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract. (Acts 1971, No. 407, p. 707, §366.)
AL Code § 27-15-22 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-22 - Annuity and Pure Endowment Contract Provisions - Reinstatement.

Section 27-15-22Annuity and pure endowment contract provisions - Reinstatement. In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one year from the default in making stipulated payments to the insurer unless the cash surrender value has been paid, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated with interest thereon at a rate to be specified in the contract, but not exceeding six percent per annum payable annually, and, in cases where applicable, the insurer may also include a requirement of evidence of insurability satisfactory to the insurer. (Acts 1971, No. 407, p. 707, §367.)
AL Code § 27-15-23 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-23 - Standard Provisions in Contracts for Reversionary Annuities.

Section 27-15-23Standard 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 that all overdue payments and any indebtedness to the insurer on account of the contract be paid or, within the limits permitted by the then cash values of the contract, reinstated with interest as to both payments and indebtedness at a rate to be specified in the contract, but not exceeding six percent per annum compounded annually. (b) This section shall not apply to group annuities or to annuities included in life insurance policies, and any of such provisions not applicable to single premium annuities shall not to that extent be incorporated therein. (Acts 1971, No. 407, p. 707, §368.)
AL Code § 27-15-25 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-25 - Contestability of Reinstated Policies.

Section 27-15-25Contestability of reinstated policies. A reinstated policy of life insurance or annuity contract may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to contestability after original issuance. (Acts 1967, No. 181, p. 543; Acts 1971, No. 407, p. 707, §370.)
AL Code § 27-15-26 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-26 - Power of Life Insurer to Hold Proceeds of Policy.

Section 27-15-26Power of life insurer to hold proceeds of policy. Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets. (Acts 1971, No. 407, p. 707, §371.)
AL Code § 27-15-27 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-27 - Deductions in Determining Amount Due Under Life Insurance.

Section 27-15-27Deductions in determining amount due under life insurance. In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of: (1) Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and (2) The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid. (Acts 1971, No. 407, p. 707, §372.)
AL Code § 27-15-28 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-28 - Standard Nonforfeiture Law for Life Insurance.

Section 27-15-28Standard nonforfeiture law for life insurance. Repealed by Act 2016-411, §3, effective January 1, 2017. (Acts 1981, No. 407, p. 707, §373; Acts 1979, No. 79-661, p. 1142, §1; Acts 1981, No. 81-783, p. 1347, §1.)
AL Code § 27-15-29 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 1 - General Provisions.|Section 27-15-29 - Prohibited Policy Plans.

Section 27-15-29Prohibited policy plans. (a) No insurer shall hereafter deliver or issue for delivery in this state any policy or contract providing for the establishment of its policyholders or members into divisions and classes and for payment of benefits from special funds created for such purpose to the oldest member of the division and class or to the member of the division and class whose policy has been in force the longest period of time upon the death of a member in such division and class, or under any other similar plan; except, that any insurer heretofore operating on such a plan in this state, whether by conversion from a fraternal benefit society or otherwise, may continue to do so upon the condition that the insurer shall not hereafter establish its policyholders or members into any new divisions, classes or groupings of any kind, other than those heretofore established and containing subsisting policies heretofore issued, and that the insurer, if a stock insurer, shall have and maintain paid-in capital stock of at least $100,000.00 or, if a mutual insurer, a surplus of at least $25,000.00 and increase such surplus to, and thereafter maintain surplus in the amount of, at least $100,000.00 within six years from January 1, 1972. (b) No insurer shall deliver, or issue for delivery, in this state as a part of, or in combination with, any insurance, endowment or annuity contract any agreement or plan which provides for the accumulation of profits over a period of years and for payment of all, or any part of, such accumulated profits only to policyholders or members of a designated group or class who continue as members or policyholders until the end of a specified period of time or under any other similar plan. (c) This section shall not be deemed to prohibit the payment or allowance of regular annual dividends or "savings" under regular participating forms of policies or contracts. (Acts 1931, No. 687, p. 819; Acts 1936-37, Ex. Sess., No. 186, p. 221; Acts 1971, No. 407, p. 707, §374.)
AL Code § 27-15-50 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 2 - Unclaimed Life Insurance Benefits Act.|Section 27-15-50 - Short Title.

Section 27-15-50Short title. This article shall be known and may be cited as the Unclaimed Life Insurance Benefits Act. (Act 2012-424, p. 1142, §1.)
AL Code § 27-15-51 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 2 - Unclaimed Life Insurance Benefits Act.|Section 27-15-51 - Construction and Application of Article.

Section 27-15-51Construction and application of article. (a) This article shall require recognition of the escheat or unclaimed property statutes of Alabama as they relate to the method of payment for life insurance death benefits regulated by the Department of Insurance. (b) This article shall apply only to life insurance policies, annuity contracts, and retained asset accounts issued and delivered in this state and which are issued or entered into on or after January 1, 2016. (Act 2012-424, p. 1142, §2; Act 2013-195, p. 372, §1.)
AL Code § 27-15-52 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 2 - Unclaimed Life Insurance Benefits Act.|Section 27-15-52 - Definitions.

Section 27-15-52Definitions. 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 the United States Social Security Administration's Death Master File for determining that a person has reportedly died. (4) DEATH MASTER FILE MATCH. A search of the death master file that results in a match of the Social Security number or the name and date of birth of an insured, annuity contract owner, an annuitant, or retained asset account holder. (5) INDUSTRIAL LIFE INSURANCE POLICY. A policy of life insurance with a face amount of two thousand five hundred dollars ($2,500), or less, and which provides for payment of premiums monthly or more often. (6) INSURER. An insurer, as defined in Section 27-1-2(2), which issues life insurance policies or annuity contracts. (7) POLICY. Any policy, as defined in Section 27-14-1, or certificate of life insurance that provides a death benefit. The term policy shall not include any policy or certificate of life insurance that provides a death benefit under: (i) an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1002, as periodically amended; (ii) any federal employee benefit program; (iii) government plans or church plans as defined in the Employment Retirement Income Security Act of 1974 (29 U.S.C. § 1002 (32) and (33)), as periodically amended; (iv) any policy or certificate of life insurance that is used to fund a preneed funeral contract or prearrangement; (v) any policy or certificate of credit life or accident and health insurance; (vi) any policy of burial insurance, the primary death benefit of which is to be provided in the form of tangible merchandise, such as a casket or funeral services; or (vii) any industrial life insurance policy. (Act 2012-424, p. 1142, §3; Act 2013-195, p. 372, §1.)
AL Code § 27-15-70 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 3 - Standard Nonforfeiture Law for Life Insurance.|Section 27-15-70 - Short Title.

Section 27-15-70Short title.  This article shall be known as the Standard Nonforfeiture Law for Life Insurance. (Act 2016-411, §1.)
AL Code § 27-15-71 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 3 - Standard Nonforfeiture Law for Life Insurance.|Section 27-15-71 - Definitions.

Section 27-15-71Definitions.  For the purposes of this article, the following terms shall have the following meanings: (1) NAIC. The National Association of Insurance Commissioners. (2) OPERATIVE DATE OF THE VALUATION MANUAL. The January 1 of the first calendar year that the valuation manual as defined in Chapter 36A is effective. (Act 2016-411, §1.)
AL Code § 27-15-73 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 3 - Standard Nonforfeiture Law for Life Insurance.|Section 27-15-73 - Computation of Cash Surrender Value.

Section 27-15-73Computation of cash surrender value.  (a) Any cash surrender value available under the policy in the event of default in the premium payment due on any policy anniversary, whether or not required by Section 27-15-72, shall be an amount not less than the excess, if any, of the present value on such anniversary of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions if there had been no default, over the sum of: (1) The then present value of the adjusted premium as defined in Sections 27-15-75, 27-15-76, 27-15-77, and 27-15-78, corresponding to premiums which would have fallen due on and after such anniversary. (2) The amount of any indebtedness to the insurer on account of or secured by the policy. (b) Provided, however, that for any policy issued on or after the operative date of Section 27-15-78, as defined therein, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in subsection (a) shall be an amount not less than the sum of the cash surrender value as defined in subsection (a) for an otherwise similar policy issued at the same age without such rider or supplemental policy provision and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits otherwise provided by the rider or supplemental policy provision. (c) Provided, further, that for any family policy issued on or after the operative date of Section 27-15-78, as defined therein, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age 71, the cash surrender value referred to in subsection (a) shall be an amount not less than the sum of the cash surrender value as defined in subsection (a) for an otherwise similar policy issued at the same age without term insurance on the life of the spouse and the cash surrender value as defined in subsection (a) for a policy which provides only the benefits otherwise provided by term insurance on the life of the spouse. (d) Any cash surrender value available within 30 days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefits, whether or not required by Section 27-15-72, shall be an amount not less than the present value, on the anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the insurer on account of or secured by the policy. (Act 2016-411, §1.)
AL Code § 27-15-74 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 3 - Standard Nonforfeiture Law for Life Insurance.|Section 27-15-74 - Computation of Paid-Up Nonforfeiture Benefits.

Section 27-15-74Computation of paid-up nonforfeiture benefits.  Any paid-up nonforfeiture benefit available under the policy in the event of default in the premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this article in the absence of the condition that premiums shall have been paid for at least a specified period. (Act 2016-411, §1.)
AL Code § 27-15-76 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 3 - Standard Nonforfeiture Law for Life Insurance.|Section 27-15-76 - Calculation of Adjusted Premiums - Ordinary Policies.

Section 27-15-76Calculation of adjusted premiums - Ordinary policies.  (a) This section shall not apply to ordinary policies issued on or after the operative date of Section 27-15-78, as defined therein. (b) In the case of ordinary policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in this article shall be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table, provided that, for any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than three years younger than the actual age of the insured and provided that, for any category of ordinary insurance issued on female risks on or after July 30, 1979, adjusted premiums and present values may be calculated according to an age not more than six years younger than the actual age of the insured. (c) In calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed in the case of ordinary policies may not be more than those shown in the Commissioners 1958 Extended Term Insurance Table. (d) For insurance issued on a substandard basis, the calculation of any adjusted premiums and present values may be based on such other table of mortality as may be specified by the insurer and approved by the commissioner. (Act 2016-411, §1.)
AL Code § 27-15-77 (2021)
2021 Code of Alabama|Title 27 - Insurance.|Chapter 15 - Life Insurance and Annuity Contracts.|Article 3 - Standard Nonforfeiture Law for Life Insurance.|Section 27-15-77 - Calculation of Adjusted Premiums - Industrial Policies.

Section 27-15-77Calculation of adjusted premiums - Industrial policies.  (a) This section shall not apply to industrial policies to be issued on or after the operative date of Section 27-15-78, as defined therein. (b) The adjusted premiums and present values referred to in this article for all policies of industrial insurance shall be calculated on the basis of the Commissioners 1961 Standard Industrial Mortality Table. All calculations shall be made on the basis of the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; provided, that such rate of interest shall not exceed three and one-half percent per annum; provided further, that a rate of interest not exceeding four percent per annum may be used for policies issued on or after August 23, 1976, and prior to July 30, 1979, and a rate of interest not exceeding five and one-half percent per annum may be used for policies issued on or after July 30, 1979; provided, however, that, in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed in the case of industrial policies, may not be more than those shown in the Commissioners 1961 Industrial Extended Term Insurance Table; provided further, that, for insurance issued on a substandard basis, the calculation of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the insurer and approved by the commissioner. (Act 2016-411, §1.)