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Report No. 82

6.3. Assignment not a satisfactory mode in all cases.-

By way of anticipating a possible counter-argument, we may state that it is true that the insured person can always make an assignment under section 38 of the Insurance Act.1 However, in our opinion, this would not be a satisfactory method in every case. A person who makes a nominations might desire to retain the benefit of the policy, in case he survives the nominee. If he makes an assignment of the policy, he loses this facility. However an assignment cannot be revoked, while a nomination can. We do not, therefore, see any reason why a person should be driven to making an assignment, when he does not intend that the transfer should be operative as an assignment which is irrevocable and divestitive.

1. Para. 1.4, supra.

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

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