Question

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

a.

When it is endorsed on the back of the policy

b.

When it is done on a separate stamp deed

c.

When it is signed by the assignor and witnessed

d.

When it is registered by the insurer in their records

Answer: (d).When it is registered by the insurer in their records Explanation:An assignment becomes effective against the insurer only if it is registered by the insurer in their records.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

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

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?

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

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

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

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

Q. What safeguards are proposed to be built into Section 38 according to the recommendation?

Q. What does Section 39 of the Insurance Act, 1938 allow the policyholder to do?

Q. What provision is made for nominations involving minors according to Section 39?

Q. How can a nomination be made effectual according to Section 39?

Q. What happens to a nomination if the policy is transferred or assigned according to Section 39?

Q. What exception is provided regarding the cancellation of a nomination in case of assignment to the insurer who bears the rates on the policy?

Q. When does the money secured by the policy become payable according to Section 39(5)?

Q. What happens if there are multiple nominees and all of them die before the policyholder or their heirs according to Section 39(6)?

Q. When does Section 39 not apply to a policy of life insurance according to Section 39(7)?

Q. What provision is made for minor nominees under Section 39?

Q. How can a nomination be made effectual according to Section 39(2)?

Q. How can a nomination be cancelled or changed?

Q. When is the insurer not liable to pay according to the section?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!