Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-113 - ACCELERATED BENEFIT PROVISIONS OF INDIVIDUAL AND GROUP LIFE INSURANCE POLICIES
Section 482-1-113-.03 - Definitions
Universal Citation: AL Admin Code R 482-1-113-.03
Current through Register Vol. 42, No. 11, August 30, 2024
(1) ACCELERATED BENEFITS. Benefits payable under a life insurance contract:
(a) To a policyowner or certificateholder,
during the lifetime of the insured, in anticipation of death or upon the
occurrence of specified life-threatening or catastrophic conditions as defined
by the policy or rider; and
(b)
Which reduce the death benefit otherwise payable under the life insurance
contract; and
(c) Which are payable
upon the occurrence of a single qualifying event which results in the payment
of a benefit amount fixed at the time of acceleration.
(2) Qualifying event shall mean one or more of the following:
(a) A medical condition
which would result in a drastically limited life span as specified in the
contract, for example, twelve (12) months or less; or
(b) A medical condition which has required or
requires extraordinary medical intervention, such as, but not limited to, major
organ transplant or continuous artificial life support, without which the
insured would die; or
(c) Any
condition which usually requires continuous confinement in an eligible
institution as defined in the contract if the insured is expected to remain
there for the rest of his or her life; or
(d) A medical condition which would, in the
absence of extensive or extraordinary medical treatment, result in a
drastically limited life span. Such conditions may include, BUT ARE NOT LIMITED
TO, one or more of the following:
1. Coronary
artery disease resulting in an acute infarction or requiring surgery;
2. Permanent neurological deficit resulting
from cerebral vascular accident;
3.
End stage renal failure;
4.
Acquired Immune Deficiency Syndrome; or
5. Other medical conditions which the
commissioner shall approve for any particular filing; or
(e) Other qualifying events which the
commissioner shall approve for any particular filing.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, § 27-2-17.
Disclaimer: These regulations may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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