1130

(1) Whenever the proceeds of, or payments under, a policy or contract heretofore or hereafter issued by a life or disability insurer, become payable in accordance with the terms of such policy or contract, or through 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 written assignment thereof, to the person then designated in the policy or contract or in the insurer’s records or by such assignment as being entitled thereto, such payment 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.\nHistory —Ins. Code § 11.300.