Question

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

a.

Conditional

b.

Unconditional

c.

Absolute

d.

All of the above

Answer: (c).Absolute Explanation:An absolute assignment transfers to the assignee all rights, title and interest of the assignor in the policy. The policy vests in the assignee absolutely and forms part of his / her estate.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

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

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

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

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

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

Q. What is prohibited concerning insurance policies?

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

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

Q. When is a conditional assignment considered valid?

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

Q. What does the unit primarily focus on in relation to the Insurance Act, 1938?

Q. What amendments were carried out in the Insurance Act, 1938 at the time of passing the IRDA Act, 1999?

Q. What is the purpose of the Insurance Act, 1938?

Q. Which of the following policies are eligible for relaxation from Section 64 VB under Rule 59 of the Insurance Rules 1939?

Q. According to Rule 59 of the Insurance Rules 1939, what provision is made for annual insurances connected with aircraft hulls, other aviation risks, and marine hulls?

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!