For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section:

Terms Used In Alabama Code 27-14-1

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Contract: A legal written agreement that becomes binding when signed.
  • following: means next after. See Alabama Code 1-1-1

(1) POLICY. A written contract of, or written agreement for, or effecting, insurance, by whatever name called, and includes all clauses, riders, endorsements, and papers attached, or issued, and delivered for attachment thereto and made a part thereof.

(2) PREMIUM. The consideration for insurance, by whatever name called. Any “assessment” or any “membership,” “policy,” “survey,” “inspection,” “service,” or similar fee or charge in consideration for an insurance contract is deemed part of the premium.

(Acts 1971, No. 407, p. 707, §315.)