The policy will have to be assigned in favour of the insurance company
The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company
The nominee’s right will be affected to the extent of the insurer’s interest in the policy
The policy loan is usually limited to a percentage of the policy’s surrender value
✅ The correct answer is B.
The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company is incorrect with regards to a policy against which a loan has been taken from the insurance company.
The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company is incorrect with regards to a policy against which a loan has been taken from the insurance company.