Nomination and assignment
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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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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

  • 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.


Procedure regarding settlement of claims

  • Claims are settled either on maturity of policy term or on death of policy holder.


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.


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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