The correct answer is: B. Where nominee is a minor, an appointee has to be appointed by the assured
A minor is a person who is under the age of 18 years. Under the law, a minor is not considered to be an adult and therefore cannot enter into a contract. This includes a contract of insurance. Therefore, a minor cannot be named as the nominee in a life insurance policy.
However, if a minor is named as the nominee, the assured (the person taking out the policy) can appoint an adult to act as the appointee. The appointee will then be responsible for receiving the policy proceeds on behalf of the minor.
The other options are incorrect. Option A is incorrect because a minor can be named as the nominee in a life insurance policy, provided that an appointee is also appointed. Option C is incorrect because there is no limit on the number of nominees that can be appointed in a life insurance policy. Option D is incorrect because the policy claim moneys cannot be shared amongst the nominees. The appointee will be the sole recipient of the policy proceeds.
I hope this helps! Let me know if you have any other questions.