Question

What is "Nomination" in the context of insurance?

a.

The process of assigning beneficiaries to a life insurance policy

b.

An act authorizing another person to receive the policy money

c.

The selection of the type of insurance policy

d.

The procedure for canceling an insurance policy

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).An act authorizing another person to receive the policy money Explanation:"Nomination" in insurance refers to an act by which the policyholder authorizes another person, known as the nominee, to receive the policy money in the event of the policyholder's death.

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