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This question belongs to Commerce Insurance

Insurance

?

Which of the below statement is false with regards to nomination?

A) Policy Numbermination is not cancelled if the policy is assigned to the insurer in return for a loan B) Nomination can be done at the time of policy purchase or subsequently C) Nomination can be changed by making an endorsement in the policy D) A nominee has full rights on the whole of the claim

Answer & Solution

Correct Answer: Option D

A nominee doesnot has full rights on the whole of the claim. In the new insurance law, if an immediate family member such as spouse is made the nominee, then the death benefit will be paid to that person and other legal heirs will not have a claim on the money.

Question posted by Examveda

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