Section 27-17-1 Applicability of chapter; “burial insurance” defined. (a) This chapter applies only to burial insurance policies. (b) For the purposes of this title, “burial insurance” is that form of life insurance under which: (1) Benefits are provided in the form of merchandise and services incident to the burial of the insured or the furnishing […]
Section 27-17-10 Policy provisions – Beneficiary. Each such policy shall have a space for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary after the issuance of the policy. The policy may also provide that no designation or change of beneficiary shall be binding on the […]
Section 27-17-11 Policy provisions – Payment of cash benefits. (a) There shall be a provision that any cash benefit provided by the policy upon the death of the insured will be payable upon receipt of due proof of death of the insured and, at the insurer’s option, the surrender of the policy and premium receipt […]
Section 27-17-12 Policy provisions – Waiver, etc., of policy terms or conditions. There shall be a provision that no agent shall have the power or authority to waive, change or alter any of the terms or conditions of any policy; except, that, at the option of the insurer, the terms or conditions may be changed […]
Section 27-17-13 Policy provisions – Nonforfeiture benefits and cash surrender values. There shall be provisions for nonforfeiture benefits and cash surrender values as required by Section 27-15-28; except, that, with respect to benefits provided in the form of funeral or monument merchandise and services, the required minimum cash surrender values shall be two thirds of […]
Section 27-17-14 Policy provisions – Title. There shall be a title on the face of the policy briefly describing the same. (Acts 1971, No. 407, p. 707, §405.)
Section 27-17-15 Applicability of other provisions to chapter. The following provisions of this title shall also apply as to burial insurance policies: (1) Section 27-15-15; (2) Section 27-15-24; (3) Section 27-15-25; (4) Section 27-15-29; and (5) Section 27-16-16. (Acts 1971, No. 407, p. 707, §406.)
Section 27-17-16 Valuation of life insurance reserve liabilities for burial insurance policies; increase in amount of insurance; minimum standards for valuation; notice to commissioner as to change in valuation standards; increase in retail value, nonforfeiture value, and cash surrender value; construction with other laws. (a) Except as hereinafter provided, any authorized insurer who issues or […]
Section 27-17-2 Policy provisions – Generally. No policy of burial insurance shall be delivered or issued for delivery in this state unless it contains in substance the provisions set forth in Sections 27-17-3 through 27-17-14, or corresponding provisions, which in the opinion of the commissioner are not less favorable in any respect to the policyholder. […]
Section 27-17-3 Policy provisions – Grace period. There shall be a provision that the insured is entitled to a grace period of four weeks within which the payment of any premium after the first may be made, except, that, in policies the premiums which are payable monthly or less often, the period of grace shall […]
Section 27-17-4 Policy provisions – Entire contract; representations. There shall be a provision that the policy shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the policy when issued, a provision that the policy and the application therefor shall constitute the entire contract. […]
Section 27-17-5 Policy provisions – Incontestability. There shall be a provision, with respect to benefits provided in the form of merchandise and services incident to the burial of the insured, that the policy shall be incontestable from its date of issue except for nonpayment of premiums and, with respect to benefits payable in cash, monuments, […]
Section 27-17-6 Policy provisions – Reinstatement. (a) There shall be a provision that the policy may be reinstated at any time within two years after the date of default in the payment of any premium unless the policy has been surrendered for its cash value or the period of any extended insurance provided by the […]
Section 27-17-7 Policy provisions – Authorized funeral director or monument dealer. There shall be a provision that the insurer has contracted with and appointed an authorized funeral director or monument dealer in this state to furnish the merchandise and services provided by the policy. The policy may also provide that the term “authorized funeral director” […]
Section 27-17-8 Policy provisions – Furnishing of merchandise and services – Generally. There shall be a provision that if the death of the insured or, if a vault or monument policy, the burial of the insured occurs within the State of Alabama and within a specified distance from an authorized funeral director or monument dealer […]
Section 27-17-9 Policy provisions – Furnishing of merchandise and services – Cash benefit in lieu thereof. There shall be a provision that if the death of the insured or, if a vault or monument policy, the burial of the insured occurs outside the State of Alabama or at a greater distance from an authorized funeral […]
