Alabama § 27-38-2 - Variable Contracts - Statement of Procedures for Determining Benefits; Death Benefit Provision.
Full text of Alabama Code of Alabama § 27-38-2 — Variable Contracts - Statement of Procedures for Determining Benefits; Death Benefit Provision., with citation guidance and answers to common questions.
§ 27-38-2. Variable Contracts - Statement of Procedures for Determining Benefits; Death Benefit Provision.
(a) Any variable contract providing benefits payable in variable amounts delivered, or issued for delivery, in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of such variable benefits. Any such contract, including a group contract, and any certificate in evidence of variable benefits issued thereunder shall state that such dollar amount will vary to reflect investment experience and shall contain on its first page a statement to the effect that the benefits thereunder are on a variable basis.
(b) Variable annuity contracts delivered, or issued for delivery, in this state may include as an incidental benefit provision for payment on death during the deferred period of an amount not in excess of the greater of the sum of the premiums or stipulated payments paid under the contract or the value of the contract at time of death. Any such provision shall not be deemed to be life insurance and therefore shall not be subject to the provisions of this title governing life insurance contracts. A provision for any other benefit on death during the deferred period shall be subject to this title.
Frequently Asked Questions About Alabama § 27-38-2
What does Code of Alabama § 27-38-2 cover?
Section 27-38-2 ("Variable Contracts - Statement of Procedures for Determining Benefits; Death Benefit Provision.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 27-38-2?
A common citation format is "Code of Alabama § 27-38-2" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 27-38-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.