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      Question

      According to the Insurance Act, 1938 the holder of a

      policy of life insurance on his own life may, ______________________, nominate the person or persons to whom the money secured by the policy shall be paid in the event of his death
      A When effecting the policy Correct Answer Incorrect Answer
      B At any time before the policy matures for payment Correct Answer Incorrect Answer
      C At any time after the policy matures for payment Correct Answer Incorrect Answer
      D Either (a) or (b) Correct Answer Incorrect Answer
      E Either (a) or (c) Correct Answer Incorrect Answer

      Solution

      Section 39 Nomination by policyholder - (1) The holder of a policy of life insurance on his own life may, when effecting the policy or at any time before the policy matures for payment, nominate the person or persons to whom the money secured by the policy shall be paid in the event of his death.

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