Page 48 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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appointee where the nominee is a minor.
Where an assignment has been executed in favour of a minor
the appointment of a guardian will be necessary.
A contract made by a lunatic is void under Section 11 of the
Indian Contract Act, and also a transfer by him of his property.
Where a debtor commits an act of insolvency, the court may
make an order, called an order of adjudication, of judging him
an insolvent.
A Garnishee is a debtor in whose hands a debt to is attached.
He's ordered by the court not to pay the debt, to its creditor,
but to pay it into the court to the credit of his creditor's creditor
Under article 44 (a) of the schedule to Limitation act 1963, the
period of limitation is three years for a suit on a policy of
insurance when the sum assured is payable after proof of death
has been given to or received by the insurers.
