What is Nomination in a Life Insurance Policy? 40C Confidentiality of inspection and investigation reports produced in respect of licensed insurer As a policy owner, you can make nominations on your own insurance policies to … It’s no secret. 35TA Business conduct of insurance intermediaries 2 Classification of insurance business and construction of references to matters connected with insurance 35S Insurance agent to act only for insurers entitled to carry on business in Singapore

35ZE Negotiation and placement of risk with unlicensed insurer That is why it should be noted that a nomination does not confer a legal right except to collect the policy money in the event of the death of the policyholder before the date of maturity.Nomination can be made either at the time of taking the policy or later. 62 No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774) 34C Effects of withdrawal of authorisation Act 11 of 2013 Amended by But all legal heirs have a right to the policy money. Amended by 55 General provisions as to offences

A “Nomination under Section 49L Insurance Act”, in a layman’s term, is an irrevocable nomination. 49FA Interpretation of this Division The provisions of this section shall not apply to any policy of life insurance to which section 6 of the Married Women's Property Act, 1874 (3 of 1874) applies 426 [or has at any time applied: Provided that where a nomination made whether before or after the commencement of the Insurance (Amendment) Act, 1946, in favour of the wife of the person who has insured his life or of his wife and children or any … 20 Requirements as to documents evidencing title to assets of insurance funds Act 35 of 2014 35N Application of sections 35O to 35R and 35T, 35TA, 35U and 35V 35D Carrying on of insurance business by foreign insurer under foreign insurer scheme 40 Inspection by Authority 49H Appeal Advisory Committees A policyholder can nominate any person (usually a close relative) to receive the money from the insurance company if he dies before the policy matures. TL;DR – What Do I Need To Know About Insurance Nomination? 35T Control of written communication used by insurance intermediary 49E Offences under this Part Therefore, if the policyholder lives upto the date of maturity, then nomination gets automatically cancelled.It should be made clear that a nominee can only collect the policy money when the policyholder dies. 35G Appointment of agent for foreign insurer scheme, and removal of chief executive officer or director of agent in certain circumstances 35J Effect of revocation of appointment of administrator Under new insurance nomination of beneficiaries framework introduced from Sep 1, 2009, you can make insurance nomination either at the time of buying a policy or at any time after the policy is issued. 34F Maintenance of assets by authorised reinsurers

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