Which of the below statement is false with regards to nomination?

A Policy Numbermination 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

Correct Answer: A nominee has full rights on the whole of the claim

A nominee doesnot has full rights on the whole of the claim. In the new insurance law, if an immediate family member such as spouse is made the nominee, then the death benefit will be paid to that person and other legal heirs will not have a claim on the money.
Bissoy MCQ
#Commerce #Insurance

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Which movie of Bangladesh got Oscar nomination ?
A Matir Moyna
B Chandra Kotha
C Adhiar
D Andhakar
Which movie of Bangladesh got Oscar nomination?
A Matir Moyna
B Cnadra Kotha
C Adhar
D Andhakar
In respect of nomination, which of the following statements are correct?
A More than one person can be nominated
B Nomination can be done either at the time of commencement or later
C Nomination can be changed by making an endorsement
D All of the above
In respect of nomination, which one of the following is incorrect?
A Where the nominee is a minor, an appointee has to be appointed
B The appointee has to given his/her written consent
C Nominee has right to whole/part of the claim
D None of the above
Many of the party men did not expect the nomination and victory of a dark horse like him.
A a mischievous person
B an unknown person
C a strong person
D an illiterate
Who can do a nomination under the policy?
A Assignor
B Assignee
C Life Insured
D Nominee
The system of nomination of members of Rajya Sabha has been borrowed from the constitution-
A United States of America
B Ireland
C South Africa
D France
What is common between nomination and assignment?
A Both can be done at the time of taking the policy
B Both are done as per Insurance Act, 1938
C Both involve transfer of rights under the policy
D None of the above
Which of the below statement is incorrect with regards to a policy against which a loan has been taken from the insurance company?
A The policy will have to be assigned in favour of the insurance company
B The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company
C The nominee’s right will be affected to the extent of the insurer’s interest in the policy
D The policy loan is usually limited to a percentage of the policy’s surrender value
Which of the below statement is incorrect with regards to decreasing term assurance?
A Death benefit amount decreases with the term of coverage
B Premium amount decreases with the term of coverage
C Premium remains level throughout the term
D Mortgage redemption plans are an example of decreasing term assurance plans

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