Alabama Code 27-38-6. Applicability of title
Terms Used In Alabama Code 27-38-6
- 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.
- 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
Except for Sections contract provisions – Generally” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”27″>27-15-16, 27-15-17, 27-15-22, 27-15-23, and Annuity contracts issued by election under this section until June 30, 2006″ class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”27″>27-15-28.1 of this title, in the case of a variable annuity contract, and Sections 27-15-2, 27-15-3, 27-15-8.1, 27-15-9, 27-15-10, 27-15-11, and 27-15-28 of this title, in the case of a variable life insurance policy, and except as otherwise provided in this chapter, all pertinent provisions of this title shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance contract, delivered or issued for delivery in this state shall contain grace, reinstatement and nonforfeiture provisions appropriate to such a contract.