20-1124. Discharge of insurer by payment under policy
When the proceeds of or payments under a life or disability insurance policy or annuity contract become payable in accordance with the terms of the policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance with the terms of the policy or contract or in accordance with any written assignment thereof, the person then designated in the policy or contract or by the assignment as being entitled thereto shall be entitled to receive the proceeds or payments and to give full acquittance therefor, and the payments shall fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that such other person claims to be entitled to such payment or some interest in the policy or contract.
Section: Previous 20-1118 20-1119 20-1120 20-1121 20-1122 20-1123 20-1123.01 20-1124 20-1125 20-1127 20-1128 20-1129 20-1130 20-1131 20-1132 NextLast modified: October 13, 2016