Section 27-5-1 Definitions not mutually exclusive; exceptions to applicability of chapter. (a) It is intended that certain insurance coverages may come within the definitions of two or more kinds of insurance as defined in this chapter, and the inclusion of such coverage within one definition shall not exclude it as to any other kind of […]
Section 27-5-10 “Title insurance” defined. “Title insurance” is insurance of owners of property, or others having an interest therein or liens or encumbrances thereon against loss by encumbrance, or defective titles, or invalidity or adverse claim to title. (Acts 1971, No. 407, p. 707, §94.)
Section 27-5-11 Limits of risk. (a) No insurer shall retain any risk on any one subject of insurance, whether located or to be performed in this state or elsewhere, in an amount exceeding 10 percent of its surplus to policyholders. (b) A “subject of insurance,” for the purposes of this section, as to insurance against […]
Section 27-5-12 Reinsurance. Repealed by Act 2013-209, §2, effective January 1, 2014. (Acts 1971, No. 407, p. 707, §96; Acts 1990, No. 90-767, p. 1566; Acts 1994, 1st Ex. Sess., No. 94-788, p. 87, §1; Act 2003-346, p. 879, §1.)
Section 27-5-13 Denial of health or disability insurance coverage upon diagnosis of sickle-cell anemia prohibited. Notwithstanding any other provision of law, any insurance company doing business within the state which offers health or disability insurance, is hereby prohibited from denying coverage to applicants because the applicant has been diagnosed as having sickle-cell anemia, and is […]
Section 27-5-2 “Life insurance” defined. “Life insurance” is insurance on human lives. The transaction of life insurance includes also the granting of endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured’s disability, burial insurance, and optional modes of settlement of proceeds of […]
Section 27-5-3 “Annuity” defined. For the purpose of this title, an “annuity” is a contract under which obligations are assumed with respect to periodic payments for a specific term, or terms, or where the making or continuance of all or of some of such payments or the amount of any such payment is dependent upon […]
Section 27-5-4 “Disability insurance” defined. “Disability insurance” is insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness and every insurance appertaining thereto. Disability insurance does not include workmen’s compensation coverages. (Acts 1971, No. 407, p. 707, §89.)
Section 27-5-5 “Property insurance” defined. “Property insurance” is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and every hazard or cause and against loss consequential upon such loss or damage other than noncontractual legal liability […]
Section 27-5-6 “Casualty insurance” defined. (a) “Casualty insurance” includes: (1) VEHICLE INSURANCE. Insurance against loss of, or damage to, any land vehicle or aircraft, or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom from any hazard or cause and against any loss, […]
Section 27-5-7 “Surety insurance” defined. “Surety insurance” includes: (1) Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust; (2) Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings and contracts of suretyship; and (3) Insurance indemnifying banks, bankers, brokers, financial […]
Section 27-5-8 “Marine insurance” defined. “Marine insurance” includes: (1) Insurance against any and all kinds of loss or damage to: a. Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones, securities, choses in action, evidence of debt, valuable papers, […]
Section 27-5-9 “Wet marine and transportation insurance” defined. For the purposes of this title, “wet marine and transportation insurance” is that part of marine insurance which includes only: (1) Insurance upon vessels, crafts, hulls and of interests therein or with relation thereto; (2) Insurance of marine builder’s risks, marine war risks, and contracts of marine […]
