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.

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Presentation transcript:

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 1.Conditional assignment-the rights revert back to the policy holder when the specified conditions are fulfilled. 2.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.