Any minor domiciled in this territory who has attained the age of 18 years shall be deemed competent to receive and to give full acquittance and discharge for periodical payments, in aggregate amount not exceeding $2,000 in any one year, made by a life insurer as benefits payable upon the death of the insured, and in compliance with the provisions of a life insurance policy or settlement agreement, if such policy or agreement specifically provides for payments direct to such minor. No such minor shall be deemed competent to alienate the right to, or to anticipate, such payments.
