1.

State any three essential features of Assignment.

Answer»

Essential features of assignment  

  •  The person assigning the policy must have absolute right or interest vesting in him in respect of the policy. 
  •  The assignor must be a major and competent to enter into a contract. 
  •  The assignor must not be subject to any legal disqualification. 
  •  Assignment must be supported by consideration which may be a valuable consideration in money or a good and moral consideration. 
  •  A life insurance policy from LIC may be assigned only after a period of five years.


Discussion

No Comment Found

Related InterviewSolutions