In this section you will find answers to frequently asked questions on life, health, travel and home insurance, savings, loans, mortgages and personal finance.

Life Insurance (1)

Nomination is an authorisation to receive the policy benefits in the event of death of the life assured. A nomination does not give the nominee an absolute right over the money received to the exclusion of other legal heirs, who may continue to have a legal and valid claim over the money so received by the nominee.

Nomination can be revoked or cancelled at any time by the policyholder at his/her will or by a subsequent assignment.

On the other hand, Assignment of an insurance policy is a legally valid and enforceable transfer or assignment of all the rights in the insurance policy by the policyholder in favour of the assignee.

Category: Life Insurance

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