Q. What is "surrender value" in the context of life insurance policies?

View solution

Q. How is the surrender value calculated for life insurance policies?

View solution

Q. What is the "Guaranteed Surrender Value" (GSV) in the context of life insurance policies?

View solution

Q. Why may the actual surrender value differ from the value mentioned in the policy?

View solution

Q. What purpose does the Guaranteed Surrender Value (GSV) serve for policyholders?

View solution

Q. What is the primary purpose of policy loans in life insurance?

View solution

Q. How is the amount of a policy loan determined?

View solution

Q. What happens if a policyholder does not repay a policy loan?

View solution

Q. Why is the policy assigned to the insurer when a policy loan is granted?

View solution

Q. What happens to a nominee's rights when a policy loan is outstanding?

View solution

Q. What does the process of nomination in life insurance involve?

View solution

Q. How many nominees can the life assured nominate for a policy?

View solution

Q. What is the role of the nominees in a life insurance policy?

View solution

Q. When can a policyholder make changes to the nomination for a life insurance policy?

View solution

Q. What right does a nominee have in a life insurance claim?

View solution

Q. According to Section 39(7) of the Insurance Act, 1938, who becomes beneficially entitled to the claim amount for policies maturing after 26th December 2014?

View solution

Q. In the case where the nominee is a minor, what additional step must the policyholder take?

View solution

Q. What happens to the status of appointees when the nominee reaches the majority age?

View solution

Q. If no appointee is designated, and the nominee is a minor, who receives the death claim proceeds on the death of the life assured?

View solution

Q. How is the death claim payable when more than one nominee is appointed?

View solution