Alabama § 27-15-3 Life Insurance Policy Provisions - Grace Period

Alabama Statutes

§ 27-15-3 — Life Insurance Policy Provisions - Grace Period

Alabama § 27-15-3

Title 27Insurance

Ch. 15Life Insurance and Annuity Contracts

Art. 1General Provisions

This text of Alabama § 27-15-3 (Life Insurance Policy Provisions - Grace Period) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 27-15-3 (2026).

Text

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.

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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.