Insurance Awareness - Life Insurance - LIC
In life insurance, what does nomination primarily signify?
In life insurance, what does nomination primarily signify?
easy Q11 of 15
Step-by-Step Solution
Step 1: Understand Nomination
Nomination is the process where the policyholder appoints a nominee to receive the policy benefits in case of the policyholder's death.Final Answer:
Appointment of a person to receive policy benefits on policyholder's death → Option CQuick Check:
Nomination does not transfer ownership rights; it only designates the beneficiary for claim proceeds.
Quick Trick: Nomination = Nominee gets money, not ownership.
Common Mistakes:
MISTAKES- Confusing nomination with assignment and assuming ownership is transferred.
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