Both can be done at the time of taking the policy
Both are done as per Insurance Act, 1938
Both involve transfer of rights under the policy
None of the above
Answer is Wrong!
Answer is Right!
The correct answer is C. Both involve transfer of rights under the policy.
A nomination is a written request by the policyholder to the insurer to pay the proceeds of the policy to a specified person or persons in the event of the policyholder’s death. An assignment is a transfer of the policyholder’s interest in the policy to another person. In both cases, the rights under the policy are transferred from the policyholder to another person.
Option A is incorrect because nomination can be done at any time during the policy term, while assignment can only be done after the policy has been issued.
Option B is incorrect because nomination is not required
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