Alabama Code 27-15-27. Deductions in determining amount due under life insurance

In determining the amount due under any life insurance policy heretofore or hereafter issued, deduction may be made of:

(1) Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and

year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1

(2) The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.