Q. What regulates the priority of all claims under a transfer or assignment of a life insurance policy?

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Q. Upon receipt of the notice of transfer or assignment, what action must the insurer take according to Section 38 of the Insurance Act 1938?

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Q. According to Section 38 of the Insurance Act 1938, from when does the insurer recognize the transferee or assignee named in the notice as the only person entitled to benefit under the policy?

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Q. What clarification is provided for the process of making an assignment of a policy of life insurance in sub-section (1) of Section 38?

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Q. When is the transfer or assignment of a policy of life insurance considered complete and effectual according to sub-section (2) of Section 38?

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Q. What action must the insurer take for the assignment or transfer to be operative, as per sub-section (2) of Section 38?

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Q. According to sub-section (3) of Section 38, how is the priority of claims determined in the case of multiple instruments of transfer or assignment?

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Q. What action must the insurer take upon receiving the notice referred to in sub-section (2) of Section 38, according to sub-section (4)?

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Q. From when does the insurer recognize the transferee or assignee named in the notice as the only person entitled to benefit under the policy, according to sub-section (5) of Section 38?

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Q. What is the effect of earlier assignments on the rights and remedies of an assignee or transferee, according to sub-section (6) of Section 38?

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Q. What is the difference between a nominee under Section 39 and an assignee under Section 38 of the Insurance Act 1938?

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Q. Who can be an assignee under a policy of life insurance?

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Q. When does an assignment of a policy of life insurance become effective against the insurer?

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Q. Under what circumstances may an assignment without consideration be considered invalid?

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Q. What is the main difference between absolute and conditional assignments under the Act?

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Q. What is the insurer's task in settling a death claim under a life insurance policy when there is a subsisting, effective nomination or assignment?

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Q. What recommendation does the Law Commission make regarding Section 38 of the Insurance Act?

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Q. What recommendation is made regarding the terminologies "assignment" and "transfer" in Section 38?

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Q. What proposal is suggested regarding partial assignment or transfer of a policy of insurance?

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Q. How does the recommendation propose to extend the applicability of Section 38?

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