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.