GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The person who receives the proceeds or the benefits under the plan when the nominee is less than 18 years of age is called ____
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Adjuster
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Appointee
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Aggregate
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Service Provider
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Explanation:
Detailed explanation-1: -Definition: A person who receives the benefit in case of death of the insured person is a nominee. Description: The insured person chooses or nominates his/her nominee at the time of buying the life insurance policy.
Detailed explanation-2: -If a claim occurs while the nominee is still minor, the life insurer will pay the benefit amount to the guardian/custodian of the child. The custodian has to invest the money safely so that it can be used for the welfare of the minor beneficiaries.
Detailed explanation-3: -Definition: In life insurance, the beneficiary is the person or entity entitled to receive the claim amount and other benefits upon the death of the benefactor or on the maturity of the policy.
There is 1 question to complete.