Page 29 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
P. 29
Chapter 7 Life Insurance Policies as Property
Property is something of value, either tangible or intangible,
person or entity over which it has legal title or right of
ownership.
The property may be either
a. Corporeal or tangible and visible and
b. incorporeal or intangible or not visible.
English Law classifies property into real and personal property
whereas Indian Law classifies property into movable and
immovable property.
The word property, in everyday usage, refers to an object (or
objects) owned by a person — a car, a book, or a cellphone — and
the relationship the person has to it. In law, the concept acquires
