Question

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

a.

When the policyholder requests it.

b.

When the nominee reaches a certain age.

c.

When the policy matures for payment during the lifetime of the insured person.

d.

When the nominee dies before the policyholder or their heirs.

Posted under IC 14 Regulations of Insurance Business

Answer: (c).When the policy matures for payment during the lifetime of the insured person. Explanation:The money secured by the policy becomes payable when the policy matures for payment during the lifetime of the person whose life is insured.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

View solution

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

View solution

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

View solution

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

View solution

Q. How can a nomination be cancelled or changed?

View solution

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

View solution

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

View solution

Q. When does a nomination automatically get cancelled?

View solution

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

View solution

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

View solution

Q. When are the provisions of nomination not applicable?

View solution

Q. Who can nominate a person for a policy?

View solution

Q. When is a nomination effectual?

View solution

Q. In what manner can a nomination be done?

View solution

Q. When will a nomination be automatically cancelled?

View solution

Q. Can a nomination be made in favor of a minor?

View solution

Q. When can a nomination be changed?

View solution

Q. What happens if a stranger is named as a nominee?

View solution

Q. When is there normally no need for nomination in a joint life policy?

View solution

Q. What is the purpose of nomination under the insurance law?

View solution
View All MCQs on IC 14 Regulations of Insurance Business

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!

IC90 Human Resource Management

Prepare for success in the Insurance Institute of India (III) examination with IC90...

Human and Cultural Diversity

Explore the rich tapestry of human societies with our Human and Cultural Diversity...

Non Verbal Reasoning

Enhance your cognitive abilities with our Non-Verbal Reasoning category. Dive into...

Cost Accounting

Dive into the realm of Cost Accounting with our specialized category. Explore cost...

Avionics Engineering

Soar into the world of aviation technology with our Avionics Engineering category....

Concrete Technology

Welcome to Concrete Technology, a category that unravels the secrets behind the...

Verbal Ability

Hone your language and communication skills with our Verbal Ability category. Enhance...

Sociology

Gain insights into human behavior and society with our Sociology category. Explore...

Civil Engineering

Dive into the world of Civil Engineering with our specialized category. Explore the...