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What is nomination? How is it different from an assignment?

April 26, 2017assignment different nomination

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What is nomination? How is it different from an assignment?

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10 Posted

Ans. Nomination means designating someone who will be entitled to receive the benefits of life insurance policy in the event of your death. When taking life insurance policy, you are required to provide full details of the nominee. A policyholder can change the nominee during his lifetime. On the other hand, assignment of an insurance policy means transfer of all the rights and liabilities of the insurance policy in favour of the assignee.