Question

What is the role of the nominee in an insurance contract?

a.

To pass the policy money to the insurer

b.

To discharge the insurer's liability and pass the policy money to the legal heirs

c.

To sell the insurance policy to potential buyers

d.

To endorse the insurance contract to assignors

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).To discharge the insurer's liability and pass the policy money to the legal heirs Explanation:The nominee's role in an insurance contract is to discharge the insurer's liability and pass the policy money to the legal heirs.

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Q. What is the role of the nominee in an insurance contract?
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