§911.1. Revocation upon divorce; beneficiary designation in life insurance and annuity contracts

            A. In all policies of life or endowment insurance and in all annuity contracts, divorce revokes any revocable designation made by a divorced individual to the former spouse, provided that the divorce occurs after the beneficiary is designated, the parties remained divorced from each other at the time of death, and no judgment or property-settlement agreement expressly provides otherwise. If revocation occurs, the proceeds of the policy or annuity contract are payable as if the former spouse had predeceased the decedent.

            B. A payor is not liable for having made payment in good faith reliance on the validity of a beneficiary designation affecting any insurance policy or annuity before the payor has received written notice of the divorce, judgment, or property-settlement agreement and has had a reasonable time within which to act.

            Acts 2024, No. 94, §2.