All of the Following Statements, are True, with Regard to Nomination, Except --.
A)Policy-Nomination is Not Cancelled, if the Policy is assigned to the Insurer, in Return for a Loan.
B)Nomination can be Done, at the Time of Policy-Purchase or Subsequently.
C)Nomination can be Changed, by Making an Endorsement in the Policy.
D)A Nominee has Full Rights on the Whole of the Claim.

Question

Quizplus · Accepted Answer

A nominee does not have full rights on the whole of the claim; they are merely a trustee to receive the claim amount on behalf of the legal heirs or as per the policyholder's will.

All of the Following Statements, Are True, with Regard to Nomination