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Report No. 82

1.6. Nomination under section 39, Insurance Act, 1978.-

Thirdly, another mode of dealing with the policy of life insurance is by way of nomination under section 39 of the Insurance Act.1 This mode of dealing with the policy, though less formal than the other two mentioned above, has certain special features. For example-to refer to only one importance feature of nominatio.- if the insured person, having made a nomination, survives the nominee, the nomination becomes ineffective. The nomination under section 39 can also be defeated by a later assignment2 of the policy made under section 38 of the Insurance Act. In these respects, a nomination may be regarded as a weaker form of dealing with the policy than the other two modes mentioned above.3

1. For text of section 39, see para. 2.1, infra.

2. Para. 1.4, supra.

3. Para. 1.4 and 1.5, supra.



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




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