What is the term for regulatory bodies that have the obligation to regulate and supervise businesses
Answers
Explanation:
What Is Cash Surrender Value The cash surrender value is the sum of money an insurance company pays to a policyholder or an annuity contract owner in the event that his or her policy is voluntarily terminated before its maturity or an insured event occurs.
Answer:
Explanation:
When a policyholder makes a nomination, he continues to be the owner of the policy. The nominee can only collect the policy money from the insurer and that too only if the policyholder dies before the policy matures. Therefore, if the policyholder lives upto the date of maturity, then nomination gets automatically cancelled.
It should be made clear that a nominee can only collect the policy money when the policyholder dies. But all legal heirs have a right to the policy money. So strictly speaking, a nominee who collects the policy money from the insurer has to share it with all the legal heirs.
Take an example, if a Christian male person dies (this point namely, “Christian male” is mentioned only because legal heirs are different for different religious communities) and if one of his sons is the nominee, that son can no doubt collect the policy money from the insurer. But he will have to share it with his brothers and sisters and his mother who also are the legal heirs.
Can nomination be changed or cancelled?
The policyholder can always cancel a nomination. He can also change the nomination. He can change it any number of times