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, and the insurer makes payment thereof in accordance therewith or in accordance with any written assignment thereof, the person then designated 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 principal 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.
KRS 304.14-260
Payment discharges insurer
Known as the Long-term Care Insurance Act
The act spans §§ 304.14-010 to 304.14-675 (77 sections).
Applied in 4 court decisions — leading case Stavros v. Western & Southern Life Insurance Co. (1972)
Most recently applied in Schwartz v. Guardian Life Insurance Co. of America (October 2011)
Effective: June 18, 1970 History: Created 1970 Ky
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.