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Insurance

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

What is the difference between "Nomination" & "Assignment"?

Nomination is an act by which the policy holder authorizes or gives consent to another person to receive the money from the policy. The person authorized by the policy holder is called Nominee.

Assignment means legal transfer of right from one person to another. It can be transferred for various reasons. The original policy holder is called the assignor and the person to whom it will be transferred is called the assignee. Assignment can be of two types Conditional & Absolute.

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