Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Section 39 - Nomination is where the life assured proposes the name of the person(s) to whom the sum assured should be paid by the insurance company after their death
A nominee does not have any right to the whole (or part) of the claim. Nomination can be made when the policy is bought or thereafter
The life assured can nominate one or more than one person as nominees. Policy money's payment is made to surviving nominee/s
Addition, change or cancellation of nomination is allowed. Nomination shall be by endorsement
Where the nominee is a minor, the policy holder needs to appoint an appointee. The appointee needs to sign the policy document to show his or her consent to acting as an appointee.
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