Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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For policies under Sickness Insurance, Group Personal Accident Insurance, Medical Benefits Insurance and Hospitalization Insurance Schemes, the premium can be accepted in instalments provided that the instalment covering a particular period must be received within 15 days from the date of commencement of the period.
A conditional assignment shall be valid only if the specified event happens during the life time of the life assured.
Section 39 of the Insurance Act, 1938 provides that the policyholder may nominate one or more persons to whom the money secured by the policy shall be paid in the event of death of the policyholder.
Nomination is cancelled where the nominee or, if there are more nominees than one, all the nominees die before the policy matures for payment.
An absolute assignment transfers to the assignee all rights, title and interest of the assignor in the policy. The policy vests in the assignee absolutely and forms part of his / her estate.
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