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

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

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

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

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

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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?

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

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

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

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

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

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Q. How can a nomination be cancelled or changed?

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

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Q. What is the maximum fee that the insurer may charge for registering a cancellation or change?

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Q. When does a nomination automatically get cancelled?

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Q. What happens to the amount secured by the policy when the nomination is cancelled?

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Q. When is the payment made to the nominee according to the section?

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