Alabama § 27-40-1 - Definitions.
Full text of Alabama Code of Alabama § 27-40-1 — Definitions., with citation guidance and answers to common questions.
§ 27-40-1. Definitions.
For the purposes of this chapter, the following words and phrases shall have the following meanings:
(1) INSURANCE PREMIUM FINANCE COMPANY. A person engaged in the business of entering into premium finance agreements.
(2) PREMIUM FINANCE AGREEMENT. An agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums on an insurance contract together with a service charge, as authorized and limited by this chapter, and charges for wind mitigation construction financing, as approved by the commissioner.
(3) LICENSEE. A premium finance company holding a license issued under this chapter.
(4) PERSON. An individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company, or any other group of individuals however organized.
(5) INSURANCE CONTRACT. The policy or contract of insurance which is the subject of premium financing under this chapter.
(6) WIND MITIGATION CONSTRUCTION FINANCING. A construction loan agreement between the homeowner/policyholder under the policy or contract of homeowner insurance that is the subject of premium financing under this chapter, and an authorized lender for the purpose of wind mitigation upgrades to the insured home.
Frequently Asked Questions About Alabama § 27-40-1
What does Code of Alabama § 27-40-1 cover?
Section 27-40-1 ("Definitions.") 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 § 27-40-1?
A common citation format is "Code of Alabama § 27-40-1" (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 § 27-40-1 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.