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

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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?

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

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

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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?

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

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

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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?

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

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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?

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

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

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

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

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Q. What is the primary scenario where absolute assignment is commonly used?

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Q. What is one of the necessary conditions for a valid assignment?

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Q. Can the assignee change the nomination of the policy?

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Q. What is the requirement for a valid assignment of a life insurance policy?

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Q. Can a life insurance policy be assigned partially?

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Q. What is the consequence if the policyholder fails to give notice of the assignment to the insurer?

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