Question

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

a.

The money is divided among the legal heirs of the nominees.

b.

The money is forfeited.

c.

The money is paid to the policyholder's estate.

d.

The money is paid to the insurance company.

Posted under IC 14 Regulations of Insurance Business

Answer: (c).The money is paid to the policyholder's estate. Explanation:If there are multiple nominees and all of them die before the policyholder or their heirs, the amount secured by the policy shall be payable to the policyholder's heirs or legal representatives.

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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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