Entries in Insurance Glossary starting with the alphabet N

Nomination of Life Insurance Policies is a process whereby if the Life Insured dies within the policy tenure, the Insurer would pay out the proceeds of that policy to the Nominee. The process of selecting that candidate or Nominee is called Nomination. The policy holder has to select a nominee to the life insurance policy at the time of purchase. It works similar to a nominee whom a bank account holder should appoint to receive the money in the bank account in case of the account holder’s...  Read More »

Nominee is the person who has been selected or designated by the policyholder to receive the life insurance proceeds in event of his death on behalf of his family. 

 

The process of appointing a nominee is called Nomination and is usually done at the time of filling up the application form for the life insurance plan. Appointing a nominee is a very crucial step in the life insurance application process as the benefits of the policy would go to the nominee in case of death of the policy...  Read More »