IC 14 - Regulation of Insurance Business Exam Study Notes

Nomination may be made by the holder of the policy only when the policy is on his / her own life. If the Holder and life assured are different, nomination cannot be made.
Section 41 : No person, either directly or indirectly allow or offer to allow as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India any rebate of the whole or part of the commission payable or any rebate of the premium.
Section 41 :No person taking out or renewing or continuing a policy shall accept any rebate, except such rebate as may be allowed as per the published prospectuses or tables of the insurer.
Any person making default in complying with the provisions of section 41 shall be punishable with fine which may extend to 10 Lakhs rupees.
In respect of the repudiation of life insurance policy, the existing Section 45 of the Insurance Act, 1938 provides that within three years from the date of policy, an insurer can repudiate the policy on the ground that any material fact in the proposal or document in inaccurate or false, After the expiry of three years, an insurer can repudiate the policy on fulfilling all three conditions mentioned in the second part of Section 45.

Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points