(a) Preneed contract forms and related forms shall be filed with and approved by the board.
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Terms Used In Alabama Code 34-13-193

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • following: means next after. See Alabama Code 1-1-1
(b) Specific disclosure regarding whether, consistent with the requirements of this chapter, the certificate holder is placing certain preneed funds received with the contract in trust, in an annuity, or in insurance, is required in the preneed contract.
(c) Preneed contracts which have been submitted to the board shall be deemed to have been approved by the board in the event that the board fails to notify the certificate holder that approval has been denied within 30 days following submission to the board.
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