Question

a nomination can be made only in favor of​

Answer 1

Answer:

Minor is your answer

I hope this is helpful

Answer 2

A nomination can be made only in favor of​...?

Nomination is made in favor of one person only.

Explanation:

Nomination can be made for more than one person if there is more than one partner in an account or locker etc. or any property.

For accounts opened individually, nomination is made in favor of only one person, whereas in case of joint accounts with more than one owner, nomination can be made in favor of more than one person with common consent. This limit can also be a maximum of two.

The process of nomination can be done by the account holder anytime during his lifetime and can also be canceled or changed.

The account holder or asset holder making the nomination can also make a nomination in favor of the minor and the amount of nomination received during the period of minor's majority is received by the guardian of the minor.

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