Code of Alabama
Title 27 - Insurance.
Chapter 15 - Life Insurance and Annuity Contracts.

Article 1 - General Provisions.

Section 27-15-1 - Applicability of Article. - This article applies to contracts of life insurance and annuities...

Section 27-15-2 - Life Insurance Policy Provisions - Generally. - (a) No policy of life insurance other than industrial, group,...

Section 27-15-3 - Life Insurance Policy Provisions - Grace Period. - There shall be a provision that a grace period of...

Section 27-15-4 - Life Insurance Policy Provisions - Incontestability. - There shall be a provision that the policy, exclusive, at...

Section 27-15-5 - Life Insurance Policy Provisions - Entire Contract; Representations. - There shall be a provision that the policy, or the...

Section 27-15-6 - Life Insurance Policy Provisions - Misstatement of Age or Sex. - There shall be a provision that if the age or...

Section 27-15-7 - Life Insurance Policy Provisions - Dividends. - There shall be a provision in participating policies that, beginning...

Section 27-15-8 - Life Insurance Policy Provisions - Loans on Policy. - (a) In case of policies issued on and after the...

Section 27-15-8.1 - Life Insurance Policy Provisions - Maximum Rates of Interest on Policy Loans. - (a) For purposes of this section the "published monthly average"...

Section 27-15-9 - Life Insurance Policy Provisions - Table of Values and Benefits. - In policies issued on and after the operative date of...

Section 27-15-10 - Life Insurance Policy Provisions - Table of Installments. - In case the policy provides that the proceeds may be...

Section 27-15-11 - Life Insurance Policy Provisions - Reinstatement. - There shall be a provision that unless the policy has...

Section 27-15-12 - Life Insurance Policy Provisions - Payment of Premiums; Increases. - (a) There shall be a provision relative to the payment...

Section 27-15-13 - Life Insurance Policy Provisions - Settlement of Claims. - (a) There shall be a provision that when a life...

Section 27-15-14 - Life Insurance Policy Provisions - Title. - There shall be a title on the policy briefly describing...

Section 27-15-15 - Effect of Incontestability Clause. - A clause in any policy of life insurance or annuity...

Section 27-15-16 - Annuity and Pure Endowment Contract Provisions - Generally. - (a) No annuity or pure endowment contract, other than reversionary...

Section 27-15-17 - Annuity and Pure Endowment Contract Provisions - Grace Period. - In an annuity or pure endowment contract, other than a...

Section 27-15-18 - Annuity and Pure Endowment Contract Provisions - Incontestability. - If any statements, other than those relating to age, sex,...

Section 27-15-19 - Annuity and Pure Endowment Contract Provisions - Entire Contract. - In an annuity or pure endowment contract, other than a...

Section 27-15-20 - Annuity and Pure Endowment Contract Provisions - Misstatement of Age or Sex. - In an annuity or pure endowment contract, other than a...

Section 27-15-21 - Annuity and Pure Endowment Contract Provisions - Dividends. - If an annuity or pure endowment contract, other than a...

Section 27-15-22 - Annuity and Pure Endowment Contract Provisions - Reinstatement. - In an annuity or pure endowment contract, other than a...

Section 27-15-23 - Standard Provisions in Contracts for Reversionary Annuities. - (a) Except as stated in this section, no contract for...

Section 27-15-24 - Exclusions and Restrictions in Life Insurance Policies. - (a) No policy of life insurance shall be delivered or...

Section 27-15-25 - Contestability of Reinstated Policies. - A reinstated policy of life insurance or annuity contract may...

Section 27-15-26 - Power of Life Insurer to Hold Proceeds of Policy. - Any life insurer shall have the power to hold under...

Section 27-15-27 - Deductions in Determining Amount Due Under Life Insurance. - In determining the amount due under any life insurance policy...

Section 27-15-28 - Standard Nonforfeiture Law for Life Insurance. - Repealed by Act 2016-411, §3, effective January 1, 2017.

Section 27-15-28.1 - Standard Nonforfeiture Law for Individual Deferred Annuities - Annuity Contracts Issued by Election Under This Section Until June 30, 2006. - (a) This section shall be known as the standard nonforfeiture...

Section 27-15-28.2 - Standard Nonforfeiture Law for Individual Deferred Annuities - Annuity Contracts Issued After June 30, 2006, or by Election Under This Section Until June 30, 2006. - THIS SECTION WAS AMENDED BY ACT 2022-151 IN THE 2022...

Section 27-15-29 - Prohibited Policy Plans. - (a) No insurer shall hereafter deliver or issue for delivery...

Article 2 - Unclaimed Life Insurance Benefits Act.

Section 27-15-50 - Short Title. - This article shall be known and may be cited as...

Section 27-15-51 - Construction and Application of Article. - (a) This article shall require recognition of the escheat or...

Section 27-15-52 - Definitions. - The following terms shall have the following meanings: (1) COMMERCIALLY...

Section 27-15-53 - Requirements for Death Master File Comparisons. - (a) An insurer shall perform a comparison of its insureds'...

Article 3 - Standard Nonforfeiture Law for Life Insurance.

Section 27-15-70 - Short Title. - This article shall be known as the Standard Nonforfeiture Law...

Section 27-15-71 - Definitions. - For the purposes of this article, the following terms shall...

Section 27-15-72 - Nonforfeiture Benefits. - (a) In the case of policies issued on or after...

Section 27-15-73 - Computation of Cash Surrender Value. - (a) Any cash surrender value available under the policy in...

Section 27-15-74 - Computation of Paid-Up Nonforfeiture Benefits. - Any paid-up nonforfeiture benefit available under the policy in the...

Section 27-15-75 - Calculation of Adjusted Premiums. - (a)(1) This section shall not apply to policies issued on...

Section 27-15-76 - Calculation of Adjusted Premiums - Ordinary Policies. - (a) This section shall not apply to ordinary policies issued...

Section 27-15-77 - Calculation of Adjusted Premiums - Industrial Policies. - (a) This section shall not apply to industrial policies to...

Section 27-15-78 - Calculations of Adjusted Premiums by the Nonforfeiture Net Level Premium Method. - (a) This section shall apply to all policies issued on...

Section 27-15-79 - Nonforfeiture Benefits for Indeterminate Premium Plans. - In the case of any plan of life insurance which...

Section 27-15-80 - Proration of Values; Net Value of Paid-Up Additions. - Any cash surrender value and any paid-up nonforfeiture benefit available...

Section 27-15-81 - Consistency of Progression of Cash Surrender Values With Increasing Policy Duration. - (a) This section, in addition to all other applicable sections...

Section 27-15-82 - Exceptions. - This article shall not apply to any of the following:...

Section 27-15-83 - Applicability of Article. - For purposes of determining the applicability of this article, the...