1170                            LAWS OF MARYLAND                       [CH. 553

visions of a facility of payment clause in any life insurance policy,
shall discharge the insurer from all further liability with respect to
such insurance proceeds.

383.    Minor May Give Acquittance.

(a)   Any minor domiciled in this State who has attained the age
of fifteen years shall be deemed competent to receive and to give full
acquittance and discharge for a payment or payments in aggregate
amount not exceeding three thousand dollars ($3,000) in any one
year made by a life insurer under the maturity, death or settlement
agreement provisions in effect or elected by such minor under a life
insurance policy or annuity contract, provided such policy, contract
or agreement shall provide for the payment or payments to such
minor, and if prior to such payment the insurer has not received
written notice of the appointment of a duly qualified guardian of
the property of the minor. No such minor shall be deemed competent
to alienate the right to or to anticipate such payments. This section
shall not be deemed to restrict the rights of minors set forth in
section 370 of this subtitle and section 10 of Article 79.

(b)   This section shall not be deemed to require any insurer to
determine whether any other insurer may be effecting a similar pay-
ment to the same minor.

384.    Claims Administration Not Waiver.

Without limitation of any right or defense of an insurer other-
wise, none of the following acts by or on behalf of an insurer shall
be deemed to constitute a waiver of any provision of a policy or of
any defense of the insurer thereunder:

(1)   Acknowledgment of the receipt of notice of loss or claim
under the policy.

(2)   Furnishing forms for reporting a loss or claim, for giving
information relative thereto, or for making proof of loss, or receiving
or acknowledging receipt of any such forms or proofs completed or
uncompleted.

(3)   Investigating any loss or claim under any policy or engaging
in negotiations looking toward a possible settlement of any such
loss or claim.

385.    Proceeds Exempt From Creditors.

The proceeds, including death benefits, cash surrender and loan
values, premiums waived, and dividends, whether used in reduction
of the premiums or in whatsoever manner used or applied, except-
ing only where the debtor has, subsequent to the issuance of the
policy, actually elected to receive dividends in cash, of any policy
of life insurance or under any annuity contract upon the life of any
person heretofore or hereafter made for the benefit of or assigned
to the wife or children or dependent relative of such person, shall
be exempt from all claims of the creditors of such person arising
out of or based upon any obligation created after June 1, 1945,
whether or not the right to change the named beneficiary is reserved
or permitted to such person. The provisions of this section shall not
prohibit any creditor from collecting the amount of any debt out of
the proceeds of any life insurance policy pledged by the insured as
security for such debt.