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Nomination and Assignment

Nomination and Assignment. NOMINATION - The nomination can be done at the time of filling the proposal form. The nomination can also be effected after the issue of policy . ASSIGNMENT - The policyholder looses all rights, title and interests under the policy contract . Types of assignment.

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Nomination and Assignment

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  1. Nomination and Assignment NOMINATION- The nomination can be done at the time of filling the proposal form. The nomination can also be effected after the issue of policy. ASSIGNMENT- The policyholder looses all rights, title and interests under the policy contract.

  2. Types of assignment • Conditional assignment-therights revert back to the policy holder when the specified conditions are fulfilled. • Absolute assignment-the rights stay with the assignee untill he makes a reassignment to the policy holder.

  3. Procedure regarding settlement of claims • Claims are settled either on maturity of policy term or on death of policy holder.

  4. Necessary Requirement for settlement of claims on maturity • Proof of age. • Policy document for cancellation. • Assignment deed,if any. • Discharge voucher. • If the policy document is lost or destroyed, an indemnity bond executed by the policy holder and a surety of sound financial standing.

  5. Necessary requirement for settlement of claims on death • Proof of death. • The policy document. • Records of assignment or reassignment, if any • Proof of age. • Legal evidence, if there is no nomination or assignment. • Discharge voucher.

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