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Report No. 82

3.8. Reform suggested in one article.-

We may also mention that one writer,1 in an article published on the subject, has discussed in detail the realistic position concerned with the intention of the policy holder (who makes a nomination) and has highlighted the difficulties felt at present. He has pointed out that it is too far¬fetched and impossible of acceptance that when a life assured enters into a contract with the insurer (the Life Insurance Corporation of India), and exercises his choice of nomination under section 39, by making a "most endearing" person of his, he does it with the sole idea of making that person a trustee or collection agent with no personal or beneficial interest for him (nominee), but only with the onerous liability to account to the heirs, etc., for the said money, and hand it over to them.

1. T.A. Vardharajan Justice to the Policy-holder, (1978), Vol. 1, HLJ (Journal) 41, 43, 45.

Effect of Nomination under Section 39 of the Insurance Act, 1938 Back

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