§ 27-6A-1 Short title
§ 27-6A-2 Definitions
§ 27-6A-3 Licensure requirements
§ 27-6A-4 Contract requirements
§ 27-6A-5 Duties of insurer
§ 27-6A-6 Acts of managing general agent
§ 27-6A-7 Penalties
§ 27-6A-8 Compliance

Terms Used In Alabama Code > Title 27 > Chapter 6A

  • actuary: A person who is a member in good standing of the American Academy of Actuaries. See Alabama Code 27-6A-2
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Dependent: A person dependent for support upon another.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiduciary: A trustee, executor, or administrator.
  • insurer: A person defined in subdivisions (2) and (3) of Section 27-1-2. See Alabama Code 27-6A-2
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • MANAGING GENERAL AGENT: Any person, firm, or association who does both of the following:

    a. See Alabama Code 27-6A-2

  • POLICYHOLDER SURPLUS: The excess of assets over liabilities. See Alabama Code 27-6A-2
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Sentencing guidelines: A set of rules and principles established by the United States Sentencing Commission that trial judges use to determine the sentence for a convicted defendant. Source: U.S. Courts
  • 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.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • underwrite: The authority to accept or reject risk on behalf of the insurer. See Alabama Code 27-6A-2
  • United States: includes the territories thereof and the District of Columbia. See Alabama Code 1-1-1