Insurance Awareness - Life Insurance - LIC
Which of the following statements about conditional assignment in life insurance is correct?
Which of the following statements about conditional assignment in life insurance is correct?
medium Q8 of 15
Step-by-Step Solution
Step 1: Understand Conditional Assignment
Conditional assignment transfers ownership rights subject to certain conditions specified in the assignment deed.Step 2: Evaluate Options
Ownership rights are transferred permanently without any conditions describes absolute assignment. Assignment is valid only if unconditional and D are incorrect as conditional assignment is valid and recognized.Final Answer:
Ownership rights are transferred subject to specified conditions → Option BQuick Check:
Conditional assignment is a legally valid form of assignment under Indian law.
Quick Trick: Conditional assignment = ownership with conditions.
Common Mistakes:
MISTAKES- Believing only absolute assignment is valid.
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