Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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Nomination can be revoked or cancelled anytime by the policyholder of a policy on his own life during the term of the policy.
The nominee does not get the title to the death claim. He has to hold the benefits of the death claim, on behalf of the legal heirs of the life assured.
On assignment of the policy, nomination automatically gets cancelled.
an assignment made in favour of the insurer for loan granted against the security of the policy does not cancel the nomination.
If the nominee dies after the death of the policyholder but before death claim settlement, then the policy moneys would form part of life assureds' estate and his/her legal representatives will be paid the death claim
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