Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries and with such exemptions from the claims of creditors of beneficiaries other than the policyholder as set forth in the policy or as agreed to in writing by the insurer and the policyholder. Upon maturity of a policy, in the event the policyholder has made no such agreement, the insurer shall have the power to hold the proceeds of the policy under an agreement with the beneficiaries. The insurer shall not be required to segregate the funds so held but may hold them as part of its general assets.
Structure Code of Alabama
Chapter 15 - Life Insurance and Annuity Contracts.
Article 1 - General Provisions.
Section 27-15-1 - Applicability of Article.
Section 27-15-2 - Life Insurance Policy Provisions - Generally.
Section 27-15-3 - Life Insurance Policy Provisions - Grace Period.
Section 27-15-4 - Life Insurance Policy Provisions - Incontestability.
Section 27-15-5 - Life Insurance Policy Provisions - Entire Contract; Representations.
Section 27-15-6 - Life Insurance Policy Provisions - Misstatement of Age or Sex.
Section 27-15-7 - Life Insurance Policy Provisions - Dividends.
Section 27-15-8 - Life Insurance Policy Provisions - Loans on Policy.
Section 27-15-8.1 - Life Insurance Policy Provisions - Maximum Rates of Interest on Policy Loans.
Section 27-15-9 - Life Insurance Policy Provisions - Table of Values and Benefits.
Section 27-15-10 - Life Insurance Policy Provisions - Table of Installments.
Section 27-15-11 - Life Insurance Policy Provisions - Reinstatement.
Section 27-15-12 - Life Insurance Policy Provisions - Payment of Premiums; Increases.
Section 27-15-13 - Life Insurance Policy Provisions - Settlement of Claims.
Section 27-15-14 - Life Insurance Policy Provisions - Title.
Section 27-15-15 - Effect of Incontestability Clause.
Section 27-15-16 - Annuity and Pure Endowment Contract Provisions - Generally.
Section 27-15-17 - Annuity and Pure Endowment Contract Provisions - Grace Period.
Section 27-15-18 - Annuity and Pure Endowment Contract Provisions - Incontestability.
Section 27-15-19 - Annuity and Pure Endowment Contract Provisions - Entire Contract.
Section 27-15-20 - Annuity and Pure Endowment Contract Provisions - Misstatement of Age or Sex.
Section 27-15-21 - Annuity and Pure Endowment Contract Provisions - Dividends.
Section 27-15-22 - Annuity and Pure Endowment Contract Provisions - Reinstatement.
Section 27-15-23 - Standard Provisions in Contracts for Reversionary Annuities.
Section 27-15-24 - Exclusions and Restrictions in Life Insurance Policies.
Section 27-15-25 - Contestability of Reinstated Policies.
Section 27-15-26 - Power of Life Insurer to Hold Proceeds of Policy.
Section 27-15-27 - Deductions in Determining Amount Due Under Life Insurance.
Section 27-15-28 - Standard Nonforfeiture Law for Life Insurance.