Insurance Awareness - Life Insurance - LIC
Under the Insurance Act, 1938, nomination in a life insurance policy is:
Under the Insurance Act, 1938, nomination in a life insurance policy is:
easy Q13 of 15
Step-by-Step Solution
Step 1: Recall Legal Provisions
Nomination is mandatory under the Insurance Act, 1938 for all life insurance policies and can be changed by the policyholder anytime during the policy term.Final Answer:
Mandatory and can be changed anytime during the policy term → Option AQuick Check:
Nomination is a continuous right of the policyholder and not restricted to policy maturity.
Quick Trick: Nomination can be updated anytime, unlike assignment which requires formal deed.
Common Mistakes:
MISTAKES- Believing nomination is optional or fixed once made.
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