Insurance Awareness - Life Insurance - LIC
Which types of assignment are legally recognized in life insurance policies under the Insurance Act, 1938?
Which types of assignment are legally recognized in life insurance policies under the Insurance Act, 1938?
medium Q15 of 15
Step-by-Step Solution
Step 1: Recall legal forms of assignment
The Insurance Act, 1938 recognises specific legal modes of assignment.Step 2: Classify assignment types
Absolute assignment transfers ownership permanently, while conditional assignment transfers ownership subject to specified conditions.Final Answer:
Both absolute and conditional assignment → Option CQuick Check:
Exam answers recognise only absolute and conditional assignment.
Quick Trick: Assignment = Absolute or Conditional.
Common Mistakes:
MISTAKES- Treating partial assignment as a standard exam-recognised category.
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