[amp_mcq option1=”Section 10″ option2=”Section 38″ option3=”Section 39″ option4=”Section 45″ correct=”option3″]
The correct answer is: Section 39.
Section 39 of the Insurance Act, 1938, deals with the nomination of a person to receive the proceeds of a life insurance policy in the event of the death of the insured. The section states that a person may nominate one or more persons to receive the proceeds of the policy, and that the nomination must be in writing and signed by the insured. The nomination may be made at any time after the policy has been taken out, and it may be revoked at any time before the death of the insured.
Section 39 of the Insurance Act, 1938, is important because it allows the insured to choose who will receive the proceeds of their life insurance policy in the event of their death. This can be important for a number of reasons. For example, if the insured has no spouse or children, they may want to nominate a friend or relative to receive the proceeds of the policy. Alternatively, if the insured has a spouse or children, they may want to nominate them to receive the proceeds of the policy, but they may also want to nominate a friend or relative to receive a portion of the proceeds.
Section 39 of the Insurance Act, 1938, also allows the insured to revoke their nomination at any time before their death. This can be important if the insured’s circumstances change. For example, if the insured gets married or has children, they may want to change their nomination to reflect their new family situation. Alternatively, if the insured falls out with the person they nominated, they may want to revoke their nomination and nominate someone else.
Overall, Section 39 of the Insurance Act, 1938, is an important provision that allows the insured to choose who will receive the proceeds of their life insurance policy in the event of their death. This can be important for a number of reasons, and it is important for the insured to understand their rights under this section.
The other options are incorrect because they do not deal with the nomination of a person to receive the proceeds of a life insurance policy.