Question
a.
A nominee has limited rights under the policy, while an assignee has all rights under the policy.
b.
A nominee can only receive policy moneys, while an assignee can deal with the policy in any way without the consent of the assignor.
c.
A nominee cannot be a minor, while an assignee can be anybody including a minor.
d.
A nominee can further assign the policy to another person, while an assignee cannot.
Posted under IC 14 Regulations of Insurance Business
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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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