Alabama Code 27-5-2. “Life insurance” defined
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Terms Used In Alabama Code 27-5-2
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
“Life insurance” is insurance on human lives. The transaction of life insurance includes also the granting of endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured’s disability, burial insurance, and optional modes of settlement of proceeds of life insurance. Life insurance does not include workmen’s compensation coverages.