Code of Alabama - Title 27: Insurance - Chapter 16 - Industrial Life Insurance

• Section 27-16-1 "Industrial life insurance" defined
  For the purposes of this title, "industrial life insurance" is that form of life insurance written under policies of face amount to $2,500.00 or less...
• Section 27-16-2 Applicability of chapter
  The provisions of this chapter apply only to industrial life insurance policies. Sections 27-15-15, 27-15-24, 27-15-25, 27-15-28, and 27-15-29 shall also apply to industrial life
• Section 27-16-3 Policy provisions - Generally
  (a) No policy of industrial life insurance shall be delivered or be issued for delivery in this state unless it contains in substance the applicable...
• Section 27-16-4 Policy provisions - Grace period
  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...
• Section 27-16-5 Policy provisions - Entire contract; representations
  There shall be a provision that the policy shall constitute the entire contract between the parties or, if a copy of the application is endorsed...
• Section 27-16-6 Policy provisions - Incontestability
  There shall be a provision that the policy, exclusive of provisions relating to disability or dismemberment benefits or to additional benefits in the event of...
• Section 27-16-7 Policy provisions - Misstatement of age or sex
  There shall be a provision that if it is found that the age or sex of the individual insured or the age or sex of...
• Section 27-16-8 Policy provisions - Dividends
  If a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy; except,...
• Section 27-16-9 Policy provisions - Reinstatement
  (a) There shall be a provision that unless the policy has been surrendered for its cash value, or its cash surrender value has been exhausted...
• Section 27-16-10 Policy provisions - Settlement of claims
  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...
• Section 27-16-11 Policy provisions - Waiver, etc., of policy terms or conditions
  There shall be a provision that no agent shall have the power or authority to waive, change or alter any of the terms or conditions...
• Section 27-16-12 Policy provisions - Beneficiaries; payment to other than designated beneficiary
  (a) Each such policy shall have a space for the name of the beneficiary designated with a reservation of the right to designate or change...
• Section 27-16-13 Policy provisions - Nonforfeiture benefits and cash surrender values
  There shall be provisions for nonforfeiture benefits and cash surrender values as required by Section 27-15-28.
• Section 27-16-14 Policy provisions - Title
  There shall be a title on the face of each such policy briefly describing the same.
• Section 27-16-15 Policy provisions - Applicability to single premium, etc., policies
  Any of the provisions required by Sections 27-16-4 through 27-16-14, or any portion thereof, which are not applicable to single premium or term policies or...
• Section 27-16-16 Policy provisions - Conversion to life insurance with less frequent premium payments
  There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of...
• Section 27-16-17 Policy provisions - Prohibited provisions
  No policy of industrial life insurance shall contain any of the following provisions: (1) A provision by which the insurer may deny liability under the...

Last modified: May 3, 2021