Question
Legal Studies Question on Laws of Contract
Select the correct statement:
A
S.45, Insurance Act applies to life insurance policies as well as Mediclaim policies
B
'Insurer' means only a person who is carrying on the business of insurance
C
An assignment creates a vested right in the assignee of the insurance policy
D
A nominee of the insurance policy gets a vested right in insurance amount of the policy
Answer
An assignment creates a vested right in the assignee of the insurance policy
Explanation
Solution
The correct option is (C): An assignment creates a vested right in the assignee of the insurance policy