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23-79-125.  Payment By Insurer -- Discharge.

(a) Whenever the proceeds of or payments under a life or accident and health 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 of the amount 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 to the benefits shall be entitled to receive the proceeds or payments and to give full acquittance therefor.

(b) 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 the other person claims to be entitled to the payment or some interest in the policy or contract.

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Local Government
Arkansas
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Asa Hutchinson
Asa Hutchinson
January 13, 2015 -
Republican
501-682-5080
425 W Capitol Ave. Suite 1620, Little Rock, AR, 72201

Keywords
policy
contract
payment
payments
proceeds
insurer
insurance
terms
accordance
entitled