Any minor domiciled in this state, who shall have attained the age of eighteen years, shall be deemed competent to receive, and to give full acquittance and discharge for a single sum or for periodical payments, not exceeding three thousand dollars in any one year, payable by a life insurance company under the maturity, death or settlement agreement provisions in effect or elected by such minor under a life insurance policy or annuity contract, if such policy, contract or agreement shall provide for the payment or payments to such minor and if prior to such payment the company had not received written notice of the appointment of a duly qualified guardian of the estate of such minor; but no such minor shall be deemed competent to alienate the right to such payment or payments or to anticipate the same.

The provisions of this section shall not be construed as requiring any insurance company making such payment to determine whether any other insurance company may be effecting a similar payment to the same minor.