Alaska Statutes 21.34.025 – Subscription policies or joint underwriting in combination with admitted insurers
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 21.34.025
- 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.
Subscription policies or joint underwriting of insurance other than reinsurance, wet marine and transportation insurance, insurance independently procured, life insurance, health insurance, and annuity contracts by a combination of authorized insurers and nonadmitted insurers is a surplus lines insurance placement in its entirety, is subject to this chapter, is not subject to Alaska Stat. Chapter 21.39, Alaska Stat. § 21.42.120, or 21.42.130, and losses or claims are not covered by Alaska Stat. Chapter 21.80 (Alaska Insurance Guaranty Association Act).