The correct answer is: A. Where the nominee is a minor, an appointee has to be appointed
A nominee is a person who is appointed to receive the benefits of a life insurance policy or other financial product in the event of the death of the policyholder. An appointee is a person who is appointed to manage the benefits of a life insurance policy or other financial product on behalf of a minor nominee.
The statement “Where the nominee is a minor, an appointee has to be appointed” is incorrect because it is not always necessary to appoint an appointee when the nominee is a minor. In some cases, the minor nominee may be able to receive the benefits of the policy directly. However, if the minor nominee is not able to manage the benefits of the policy, then an appointee will need to be appointed.
The other statements are correct. The appointee must give their written consent to be appointed, and the nominee has the right to the whole or part of the claim.
Here is a more detailed explanation of each option:
A. Where the nominee is a minor, an appointee has to be appointed.
This statement is incorrect because it is not always necessary to appoint an appointee when the nominee is a minor. In some cases, the minor nominee may be able to receive the benefits of the policy directly. However, if the minor nominee is not able to manage the benefits of the policy, then an appointee will need to be appointed.
B. The appointee has to given his/her written consent.
This statement is correct. The appointee must give their written consent to be appointed. This is because the appointee will be responsible for managing the benefits of the policy on behalf of the minor nominee.
C. Nominee has right to whole/part of the claim.
This statement is correct. The nominee has the right to the whole or part of the claim. The amount of the claim that the nominee receives will depend on the terms of the policy.
D. None of the above.
This statement is incorrect because option A is incorrect.