29.1544 Payment discharges insurer.

Cite as [A.S.C.A. § 29.1544]

Whenever the proceeds of, or payments under, a life or health insurance policy become payable in accordance with the terms of the policy or the exercise of any right or privilege under the policy, and the insurer makes payment in accordance with the terms of the policy or m accordance with any written assignment of the policy, the person so designated as being entitled to the proceeds or payments shall be entitled to receive them and to give full acquittance therefor, and the payments shall fully discharge the insurer from all claims under the policy unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that the other person claims to be entitled to the proceeds or payments or some interest in the policy.

History: 1974, PL 13-58 § 1.