1.  There shall be a provision as follows:

Terms Used In Nevada Revised Statutes 689A.160

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC

2.  The first clause of the provision set forth in subsection 1, relating to the irrevocable designation of beneficiary, may be omitted at the insurer’s option.