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.
(Acts 1971, No. 407, p. 707, §337.)
Notes of Decisions
Fortis Benefits Ins. Co. v. Pinkley, 926 So. 2d 981 (Ala. 2005).
· cites it 20× “'" This Court granted Fortis's petition for permission to appeal to consider a question of first impression in Alabama: whether § 27-14-24 protects an insurer from double liability if in good faith it pays life-insurance benefits to an individual claiming the benefits on the…”
Davis v. Sterne, Agee & Leach, Inc., 965 So. 2d 1076 (Ala. 2007).
· cites it 4× “, interpreting § 27-14-24, Ala.Code 1975, a statute relating to the disbursement of the proceeds of a life or disability insurance policy.”
Monumental Life Ins. v. Lyons-Neder, 140 F. Supp. 2d 1265 (M.D. Ala. 2001).
· cites it 5× “1999), and the Court’s interpretation and application of §§ 27-14-24 and 43 — 8—253(f) of the Alabama Code therein.”
Estelle v. Cunningham, 982 So. 2d 1082 (Ala. Civ. App. 2006).
· cites it 3× “Our Supreme Court held that the insurer, having paid the second beneficiary in good faith and without notice of the forgery, was not liable to the prior-designated beneficiary because it was protected by Ala.Code 1975, § 27-14-24. The Court's opinion did not question the…”
Schwartz v. Guardian Life Ins. Co. of Am., 73 So. 3d 798 (Fla. 4th DCA 2011).
“Ala.Code § 27-14-24 provides: 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 *806 exercise of any right or…”
Pouncey v. New York Life Ins. Co., 577 So. 2d 433 (Ala. 1991).
· cites it 8× “The United States Court of Appeals, Eleventh Circuit, has certified to us this question of law: “Whether a settlement agreement between an insurer and a beneficiary for an amount less than that due under the policy constitutes payment ‘in accordance with the terms of the policy’…”
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