According to the Insurance Act, who can be nominated by the holder of a life insurance policy to receive the money secured by the policy in the event of the policyholder's death?
Section 39 Nomination by policy-holder- (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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