(1) Upon occurrence of a peril insured concerning the life or body of the insured, the insurer of a personal insurance contract shall be responsible for the payment of the amount of insurance coverage or other benefits, as provided for in the insurance contract. <Amended by Act No. 12397, Mar. 11, 2014>
(2) The amount of insurance coverage under paragraph (1) may be paid in installments in accordance with an agreement between the parties. <Newly Inserted by Act No. 12397, Mar. 11, 2014>