Ala. Admin. Code r. 482-1-113-.05

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-113-.05 - Assignee/Beneficiary

Prior to the payment of the accelerated benefit, the insurer is required to obtain from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout. If the insurer making the accelerated benefit is itself the assignee under the policy, no such acknowledgement is required.

Author: Commissioner of Insurance

New: September 23, 1996; effective January 1, 1997. Filed for codification in the Alabama Administrative Code by the Department of Insurance on November 14, 2005, pursuant to the Code of Ala. 1975, § 27-7-43.

Statutory Authority:Code of Ala. 1975, § 27-2-17.