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terms of assignment. In
case of the absolute
assignee‟s death, his
legal heirs are entitled
to the policy
What happens in In case the nominee In case the assignee dies
case of death of dies before the before the settlement,
the nominee or settlement of death the policy money is
assignee after the claim, the death payable to the legal
death of the lifeassured claim will be payable heirs of the assignee and
and before to the legal heirs of not the life-assured who
the payment of the the life assured. is the assignor
death claim
Can creditors Creditors can attach Creditors cannot attach
attach the policy the insurance policy the policy unless the
which has a assignment is shown to
nomination in it. have been made to
defraud the creditors.
10. Duplicate Policy :

 If the insured person loses the original life insurance policy document, the
insurance company will issue a duplicate policy without making any
changes to the contract.
 The claim may be settled on furnishing an indemnity bond with or without
surety
9 .Alterations :

 Policy holder may seek to effect alteration in policy terms and conditions.
 It is subject to the consent of both insurer and insured.
 Normally alterations may not be permitted during 1st year of policy Except
for some simple ones like change of mode of payment of premium, change
in name, address, request for grant of DAB or PDB etc

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