In the case of a policy issued to a creditor to insure debtors of such creditor, there shall be a provision that the insurer will furnish to the policyholder for delivery to each debtor insured under the policy a form which will contain a statement that the life of the debtor is insured under the policy and that any death benefit paid thereunder by reason of his death shall be applied to reduce or extinguish the indebtedness.
Structure Code of Alabama
Chapter 18 - Group Life Insurance.
Section 27-18-1 - Applicability of Chapter.
Section 27-18-2 - Policy Provisions - Generally.
Section 27-18-3 - Policy Provisions - Grace Period.
Section 27-18-4 - Policy Provisions - Incontestability.
Section 27-18-5 - Policy Provisions - Copy of Application; Representations; Statements as Evidence.
Section 27-18-6 - Policy Provisions - Insurability.
Section 27-18-7 - Policy Provisions - Adjustment of Premiums And/or Benefits.
Section 27-18-8 - Policy Provisions - Furnishing of Statement to Debtors.
Section 27-18-9 - Policy Provisions - Payment of Benefits.
Section 27-18-10 - Policy Provisions - Individual Certificates.
Section 27-18-11 - Policy Provisions - Conversion - Termination of Eligibility.
Section 27-18-12 - Policy Provisions - Conversion - Termination of Policy.
Section 27-18-13 - Policy Provisions - Conversion - Death During Conversion Period.
Section 27-18-14 - Notice as to Conversion Rights.
Section 27-18-15 - Employee Life Insurance.
Section 27-18-16 - Assignment of Rights and Benefits Under Group Policies.