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What is Assignment and Nomination in Life Insurance?

Apr 3rd, 2023 at 11:02   Services   Mumbai   85 views Reference: 9999

Location: Mumbai

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Nomination and Assignment serve different purposes. The nomination protects the interests of the insured as well as an insurer in offering claim benefits under the life insurance policy. On the other hand, assignment protects the interests of an assignee in availing the monetary benefits under the policy. The policyholder should be aware of both of them before buying life insurance.