Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to:
(1) continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract procured by or on behalf of the principal which insures or provides an annuity to either the principal or another person, whether or not the principal is a beneficiary under the contract;
(2) procure new, different, and additional contracts of insurance and annuities for the principal and the principal's spouse, children, and other dependents, and select the amount, type of insurance or annuity, and mode of payment;
(3) pay the premium or make a contribution on, modify, exchange, rescind, release, or terminate a contract of insurance or annuity procured by the agent;
(4) apply for and receive a loan secured by a contract of insurance or annuity;
(5) surrender and receive the cash surrender value on a contract of insurance or annuity;
(6) exercise an election;
(7) exercise investment powers available under a contract of insurance or annuity;
(8) change the manner of paying premiums on a contract of insurance or annuity;
(9) change or convert the type of insurance or annuity with respect to which the principal has or claims to have authority described in this section;
(10) apply for and procure a benefit or assistance under a statute or regulation to guarantee or pay premiums of a contract of insurance on the life of the principal;
(11) collect, sell, assign, hypothecate, borrow against, or pledge the interest of the principal in a contract of insurance or annuity;
(12) select the form and timing of the payment of proceeds from a contract of insurance or annuity; and
(13) pay, from proceeds or otherwise, compromise or contest, and apply for refunds in connection with, a tax or assessment levied by a taxing authority with respect to a contract of insurance or annuity or its proceeds or liability accruing by reason of the tax or assessment.
Structure Code of Alabama
Title 26 - Infants and Incompetents.
Chapter 1A - Alabama Uniform Power of Attorney.
Section 26-1A-201 - Authority That Requires Specific Grant; Grant of General Authority.
Section 26-1A-202 - Incorporation of Authority.
Section 26-1A-203 - Construction of Authority Generally.
Section 26-1A-204 - Real Property.
Section 26-1A-205 - Tangible Personal Property.
Section 26-1A-206 - Stocks and Bonds.
Section 26-1A-207 - Commodities and Options.
Section 26-1A-208 - Banks and Other Financial Institutions.
Section 26-1A-209 - Operation of Entity or Business.
Section 26-1A-210 - Insurance and Annuities.
Section 26-1A-211 - Estates, Trusts, and Other Beneficial Interests.
Section 26-1A-212 - Claims and Litigation.
Section 26-1A-213 - Personal and Family Maintenance.
Section 26-1A-214 - Benefits From Governmental Programs or Civil or Military Service.