§ 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance or annuities and benefits incidental thereto
§ 27-38-2 Variable contracts – Statement of procedures for determining benefits; death benefit provision
§ 27-38-3 Variable contracts – Licensing of insurer
§ 27-38-4 Variable contracts – Rules and regulations
§ 27-38-5 Reserve liability for variable contracts
§ 27-38-6 Applicability of title

Terms Used In Alabama Code > Title 27 > Chapter 38

  • 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.
  • board: The Board of Corrections. See Alabama Code 14-8-60
  • commissioner: The Commissioner of the Board of Corrections. See Alabama Code 14-8-60
  • Felony: A crime carrying a penalty of more than a year in prison.
  • inmate: A person either male or female, who has been convicted of a felony and sentenced to a term of confinement and treatment in a state correctional institution under the jurisdiction of the board and who is participating in the Alabama Board of Corrections work release or prerelease programs. See Alabama Code 14-8-60
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • STATE CORRECTIONAL INSTITUTION: Any correctional institution under the jurisdiction of the board. See Alabama Code 14-8-60