(1) The insured shall, when effecting abandonment, notify an insurer of the existence either of any other contract of insurance covering the subject matter insured or of any obligation with which it is charged, and if any, its type and contents.
(2) Any insurer may refuse to pay the insured amount until it receives notice under paragraph (1). <Amended by Act No. 4470, Dec. 31, 1991>
(3) If the period for the payment of the insured amount has been agreed upon, the period shall be computed from the date of the receipt of notice under paragraph (1).