Whenever the proceeds of, or payments under, a life or disability insurance policy or annuity contract, heretofore or hereafter issued, become payable in accordance with the terms of such 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 such assignment, as being entitled thereto shall be entitled to receive such proceeds or payments and to give full acquittance therefor; and such 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.
Structure Code of Alabama
Chapter 14 - The Insurance Contract.
Section 27-14-1 - Definitions.
Section 27-14-2 - Applicability of Chapter.
Section 27-14-3 - Insurable Interest - Personal Insurance; Preneed Contracts.
Section 27-14-4 - Insurable Interest - Property Insurance.
Section 27-14-5 - Power to Contract; Purchase of Insurance by or for Minors.
Section 27-14-7 - Application for Policy - Representations and Misrepresentations, Etc.
Section 27-14-8 - Forms - Filing and Approval or Disapproval.
Section 27-14-9 - Forms - Grounds for Disapproval or Withdrawal of Previous Approval.
Section 27-14-10 - Standard or Uniform Provisions; Waiver or Substitution Thereof.
Section 27-14-11 - Contents of Policies - Generally.
Section 27-14-12 - Contents of Policies - Additional Provisions.
Section 27-14-13 - Charter, Bylaws, etc., of Insurer as Part of Contract.
Section 27-14-14 - Execution of Policies.
Section 27-14-15 - Underwriters' and Combination Policies.
Section 27-14-16 - Noncomplying Policies, Riders, and Endorsements.
Section 27-14-17 - Construction of Policies.
Section 27-14-19 - Delivery of Policies.
Section 27-14-19.1 - Electronic Delivery of Property or Casualty Insurance Policy.
Section 27-14-20 - Renewal or Extension of Policies.
Section 27-14-21 - Assignment of Policies.
Section 27-14-22 - Situs of Contracts.
Section 27-14-23 - Effect of War on Contracts of Foreign Insurer.
Section 27-14-24 - Effect of Payments.
Section 27-14-25 - Receipt and Giving of Acquittance and Discharge for Payment by Minors.
Section 27-14-26 - Forms for Proof of Loss.
Section 27-14-27 - Acts Not Deemed Waiver of Provisions or Defenses.
Section 27-14-28 - Effect of Misrepresentations in Proof of Loss.
Section 27-14-30 - Right to Proceeds When Same Retained by Life Insurer.
Section 27-14-31 - Exemption From Debt of Proceeds - Disability.
Section 27-14-32 - Exemption From Debt of Proceeds - Annuity Contracts.