Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Insurer should record and register assignment. Assignment should be supported by valuable consideration
Assignee can do another assignment. Assignment cancels nomination
Assignment - Wholly or partially. In case of a partial assignment, liability of an insurer shall be limited to the amount secured by partial assignment.
Section 45 states: No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
Indian Evidence Act provides for presumption of death in person missing cases, if he/she has not been heard of for seven years.
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