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Thread: Nominee and Beneficiary?

  1. #1
    NewBie
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    Exclamation Nominee and Beneficiary?

    What is the difference between nominee and beneficiary?
    Is it one and the same thing?
    How do I change the beneficiary on my life insurance policy?


  2. #2
    PW Expert MTG's Avatar
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    Beneficiary
    The person(s) or entity(ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the insured.
    Nomination
    An act by which the policy holders authorises another person to receive the policy moneys. The person so authorised is called Nominee.

    Source - licindia.com

  3. #3
    PolicyWala Expert Policy_expert's Avatar
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    Quote Originally Posted by Praveen View Post
    How do I change the beneficiary on my life insurance policy?
    You will have to write a application to your insurance company with your policy photocopy. Some time you have to fill designated form that your insurer will provide. After receiving it the insurer will issue an endorsement on your policy.
    'When someone shares something of value with you and you benefit from it, you have a moral obligation to share it with others.'

  4. #4
    NewBie
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    Default

    Thanks MTG and Policy_Expert.


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