20-1124

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.