There shall be a provision that the insured is entitled to a grace period of four weeks within which the payment of any premiums after the first may be made; except, that in policies the premiums for which are payable monthly, the period of grace shall be one month, but not less than 30 days, and that during the period of grace the policy shall continue in full force, but if during the grace period the policy becomes a claim, then any overdue and unpaid premiums may be deducted from any settlement under the policy.
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.