Nomination to the trustees by a pension scheme member as to the person to receive any death benefit following his death. The trustees are not obliged to follow the nomination. This is also called ‘expression of wish’ or ‘form of request’ Nominations are also made by policyholders to friendly societies as to the person to be paid in the event of their death. The nomination binds the society up to a specified amount. Most life nominations come under the Married Women’s Property Act 1882.
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Nomination is a facility where in case of death of the policy holder, the funds are given to the nominee whose name is mentioned by the policyholder while enrolling for the policy. The details of the nominee required are his name, age, address and his relationship with the policyholder. This also helps to ensure that there is insurable interest. The nominee can be changed by the policyholder during the term of the policy. For example when a lady is unmarried, she can nominate her parents or siblings. When she gets married, she may retain the original nomination or may change the nomination favoring her spouse.
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Nominee
Nominee is the person who is nominated to receive the amount under a policy and to give a valid discharge to the insurer on settlement of claim under a life insurance policy.
Non Amount Policy
Also called actual cash value Policy. Shows no fixed amount of Insurance on the face of the contract but pays the actual cash value of the claim or loss on the property.
Non Assignable
Incapable of being assigned: Policy benefits or right that cannot be assigned to a third party.
Non Average Policy
A policy free of any condition of average.
Non Concurrency
A condition that exists when two or more policies covering the same property are written subject to different provisions.
Non Confining Sickness
Sickness which prevents the insured from working but does not confine to his home.
Non Continuing Expenses
In business interruption insurance or under the additional living expense coverage of a homeowner’s policy, these are expenses of the business or the home that do not continue following a loss.
Non Delivery
The failure of a whole cargo or a whole package to arrive at its destination, con contrast with short delivery.
Non Disabling Injury
One which may require medical care, but does not result in loss of working time or income. An injury that does not cause total or partial disability.