Alabama Code 27-36-3. Unearned premium reserve – Property, general casualty and surety insurance
Current as of: 2024 | Check for updates
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Terms Used In Alabama Code 27-36-3
- following: means next after. See Alabama Code 1-1-1
- property: includes both real and personal property. See Alabama Code 1-1-1
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
- year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
| Term for Which Policy Was Written | Reserved for Unearned Premium | |
| 1 year or less | 1/2 | |
| 2 years | 1st year | 3/4 |
| 2nd year | 1/4 | |
| 3 years | 1st year | 5/6 |
| 2nd year | 1/2 | |
| 3rd year | 1/6 | |
| 4 years | 1st year | 7/8 |
| 2nd year | 5/8 | |
| 3rd year | 3/8 | |
| 4th year | 1/8 | |
| 5 years | 1st year | 9/10 |
| 2nd year | 7/10 | |
| 3rd year | 1/2 | |
| 4th year | 3/10 | |
| 5th year | 1/10 | |
| Over 5 years | pro rata |