There shall be a provision that, when the policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due proof of death and, at the insurer's option, surrender of the policy and premium receipt book and proof of interest of the claimant. If the insurer specifies a particular period prior to the expiration of which settlement shall be made, such period shall not exceed two months from the receipt of such proofs.
Structure Code of Alabama
Chapter 16 - Industrial Life Insurance.
Section 27-16-1 - "Industrial Life Insurance" Defined.
Section 27-16-2 - Applicability of Chapter.
Section 27-16-3 - Policy Provisions - Generally.
Section 27-16-4 - Policy Provisions - Grace Period.
Section 27-16-5 - Policy Provisions - Entire Contract; Representations.
Section 27-16-6 - Policy Provisions - Incontestability.
Section 27-16-7 - Policy Provisions - Misstatement of Age or Sex.
Section 27-16-8 - Policy Provisions - Dividends.
Section 27-16-9 - Policy Provisions - Reinstatement.
Section 27-16-10 - Policy Provisions - Settlement of Claims.
Section 27-16-11 - Policy Provisions - Waiver, etc., of Policy Terms or Conditions.
Section 27-16-12 - Policy Provisions - Beneficiaries; Payment to Other Than Designated Beneficiary.
Section 27-16-13 - Policy Provisions - Nonforfeiture Benefits and Cash Surrender Values.
Section 27-16-14 - Policy Provisions - Title.
Section 27-16-15 - Policy Provisions - Applicability to Single Premium, etc., Policies.
Section 27-16-17 - Policy Provisions - Prohibited Provisions.