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    Question

    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, under the Insurance Act, 1938
    A When effecting the policy Correct Answer Incorrect Answer
    B At any time after the policy matures for payment Correct Answer Incorrect Answer
    C At any time before the policy matures for payment Correct Answer Incorrect Answer
    D Both (a) & (b) Correct Answer Incorrect Answer
    E Either (a) or (c) Correct Answer Incorrect Answer

    Solution

    ┬аExplanation: 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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