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

Q. How are nominations made after the commencement of the policy made effective?

View solution

Q. According to Section 39(11) of the Insurance Act, who is entitled to the proceeds and benefits of a policy if the policyholder dies after the policy matures but before the proceeds are received?

View solution

Q. How is assignment of a life insurance policy defined?

View solution

Q. How is assignment of a life insurance policy defined?What is the person who transfers the rights, title, and interest in the policy called in an assignment?

View solution

Q. What is the term for the person to whom the policy rights, title, and interest are transferred in an assignment?

View solution

Q. What happens to the nomination when an assignment is made to the insurance company for a policy loan?

View solution

Q. What is the main difference between conditional assignment and absolute assignment in life insurance?

View solution

Q. In an absolute assignment, who has control over the policy's rights and benefits?

View solution