Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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In policies where the maturity amount is payable in installments, the remaining installments are paid to the nominees
If the nominee appointed is a minor, then in this case the life assured needs to duly appoint an appointee, who is a major.
In case the nominee appointed is minor and no appointee has been appointed, then the proceeds of the death claim will go to the legal heirs of the deceased
the loan amount granted against a life insurance policy is generally 90% of its surrender value. The minimum period for which the loan can be granted is six months.
The period between the loan approval date and the anniversary date of the policy is known as broken period.
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