Page 35 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

Assignment notice to insurer can be given by assignor or

assignee

Insurer cannot refuse registration of assignment of policy.

The person to become entitled to the benefits of the insurance

policy on the death of the insured is known as the nominee.

Nomination can be made at the time of effecting the policy or by

endorsement at any time before the maturity of the policy.

Nomination shall be made by endorsement and it can be

changed or cancelled. Addition, change or cancellation of

nomination shall be acknowledged by the insurer.

Assignment shall automatically cancel a nomination. Nomination

does not apply to section 6 of MWP act

Nomination is the process of appointment of a person to receive

the death claim whereas assignment is the process of