Notwithstanding the provisions of this act, when the proceeds of, or payments under a policy or contract issued by a life insurance company become payable and the company makes payment thereof in accordance with the terms thereof, or in accordance with the terms of any written assignment thereof, if the policy or contract has been assigned, such payment shall fully discharge the company from all claims under such policy or contract unless, before such payment is made, the company has received, at its home office, written notice by or on behalf of some other person that such other person claims to be entitled to such payment or some interest in the policy or contract.