Question

What is required for a transfer or assignment to be complete and effectual for the transferee/assignee?

a.

Notarization by a legal authority.

b.

Duly attested execution of the endorsement or instrument.

c.

Confirmation by the insurer.

d.

Signature of the assignor.

Answer: (b).Duly attested execution of the endorsement or instrument. Explanation:The transfer or assignment is complete and effectual only when the execution of such endorsement or instrument is duly attested so far as the transferee/assignee is concerned.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is required for a transfer or assignment to be complete and effectual for the transferee/assignee?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. When is a conditional assignment considered valid?

Q. What does an absolute assignment transfer to the assignee?

Q. When can a policyholder nominate a family member/s to receive the policy moneys?

Q. What is prohibited concerning insurance policies?

Q. Within what timeframe can an insurer repudiate a policy based on inaccurate or false information in the proposal or document?

Q. What is the requirement for installment premium payment for policies under certain schemes?

Q. Fill in the blanks by choosing the right option: The instrument through which a transfer or assignment of a policy of life insurance is made must be ________, ________, and ________.

(i) Signed
(ii) Attested
(iii) Notified
(iv) Stamped

Q. Nomination may be made by the holder of the policy only when the policy is on _______ life.

Q. Any person making default in complying with the provisions of section 41 shall be punishable with fine which may extend to _________.

Q. As per Section 45 of the Insurance Act 1938, a life insurer can repudiate the policy on the ground that any material facts in the proposal or document are inaccurate or false within ___________ from the date of the issuance of the policy or commencement of risk.

Q. Fill in the blank by choosing the correct option: For policies under Group Personal Accident Insurance, the installment of the premium covering a particular period must be paid within _______ from the date of commencement of that period.

Q. What type of assignment is valid only if the specified event happens during the lifetime of the life assured?

Q. Section 39 of the Insurance Act, 1938 provides that the policyholder may nominate ______ to whom the money secured by the policy shall be paid in the event of the death of the policyholder.

Q. Nomination is canceled where the nominee/s _______ before the policy matures for payment.

Q. Which of the below assignments transfers to the assignee all rights, title, and interest of the assignor in the policy?

Q. Fill in the blank by choosing the correct option: Any nomination can be at any time canceled or changed before the policy _______.

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!