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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Q. When can an insurer refuse to accept an assignment of a life insurance policy?

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Q. What is the maximum time frame within which an insurer must communicate the reasons for refusing an assignment?

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Q. What is the purpose of issuing a duplicate policy in life insurance?

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Q. Under what circumstances might a life insurance company require an indemnity bond or surety for issuing a duplicate policy?

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Q. When are policy alterations typically permitted in life insurance?

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Q. Which of the following is considered a compulsory alteration in a life insurance policy?

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Q. In case of a high-value payment, what additional step may be required when issuing a duplicate policy due to a lost document?

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Q. What is typically required when a policyholder requests an alteration in a life insurance policy?Which of the following policy alterations does not generally involve an increase in the risk?

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Q. What is typically required when a policyholder requests an alteration in a life insurance policy?

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Q. What may be required when policy alterations involve a material change in policy conditions?

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Q. Which of the following alterations would not be generally allowed in life insurance policies?

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Q. What is the effect of alterations that lower the premium in a life insurance policy?

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Q. What details are typically required in the agent's report for a life insurance policy?

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Q. Who records and mentions details pertaining to physical features like height, weight, blood pressure, and cardiac status in a life insurance application?

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