58-12-11. Payments under life or health insurance policy or annuity contract discharge insurer.
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/sd/title-58/chapter-58-12/58-12-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever the proceeds of or payments under a life or health 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, payment thereof by the insurer in accordance therewith or in accordance with any written assignment thereof 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.