There Is a Newer Version
of
the Code of Alabama
2009 Alabama Code
Title 27 — INSURANCE.
Chapter 15 — LIFE INSURANCE AND ANNUITY CONTRACTS.
Section 27-15-3 Life insurance policy provisions - Grace period.
Section 27-15-3
Life insurance policy provisions - Grace period.
There shall be a provision that a grace period of 30 days or, at the option of the insurer, of one month of not less than 30 days shall be allowed within which the payment of any premium after the first may be made, during which period of grace the policy shall continue in full force; but if a claim arises under the policy during such period of grace, the amount of any premium due or overdue may be deducted from the policy proceeds.
(Acts 1971, No. 407, p. 707, §348.)
Disclaimer: These codes 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.
