1. Whenever the proceeds of or payments under a life or health insurance policy or annuity contract issued before, on or after January 1, 1972, become payable in accordance with the terms of the policy or contract, or the exercise of any right or privilege thereunder, and the insurer makes payment thereof in accordance therewith or in accordance with any written assignment thereof, the person then designated as being entitled thereto is entitled to receive the proceeds or payments and to give full acquittance therefor, and the payments fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that the other person claims to be entitled to the payment or some interest in the policy or contract.
2. This section also applies to contracts issued by organizations for dental care and nonprofit hospital, medical and dental service corporations.
(Added to NRS by 1971, 1720; A 1983, 2029; 1997, 1625)
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