Nominee is only trustee for legal heirs
2) in case legal heir applies for succession certificate the specific policy numbers and other details are mentioned in court order for issue of succession certificate
Payment of accident benefit to nominee after basic claim is paid
My basic conceptual wudry is that suppose a basic claim is made to nominee and accident benfit is denied say on grounds of suicide MeNwhile another class 1 heir applies for sucession and gets a generall sucession saying that all dues payable should be paid by Ins co to hdr 1)As per Insurance lWs is it anytime possible that a accident benefit Fterwards admitted by Insurance co is pId to anothsr heir and not to nominee who has received basic claim 2)Is a general sucession order hold good for polucies pendi g for payment or the hon Court mentions the specific polucy nos details in the suc ordet
Asked 5 years ago in Civil Law
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9 Answers
1) Insurance company will handover the policy amount to the nominee and from nominee to as per Succession order.
1. No only nominee is entitled to receive the benefits.
2. Where there is no nominee has been given this succession certificate will be of use.
1.According to law, a nominee is a trustee and not the owner of the assets.
2.while the insurance company has to hand over the death benefit to the nominee, other legal heirs can stake their claim to the amount.
Dear Sir,
- For any insurance claim as per policy terms & condition, only Nominee has the legal rights to avail the benefits.
- Nominee shall have to submit the indemnity bond stating the sole legal nominee for the benefits in question.
- However in non-existence of Nominee, other legal heir (must be from Class -1) can receive the succession certificate along with all the required documents submitted.
Regards
Vivek Arya
If the court order is for the said heir it will be paid to him. But normally the benefits are for nominee
Dear Sir,
Your question will decided by the court on the basis of various contentions put forth by nominee and others.
1. Since suicide is not covered for accident claim, no accident claim may be entertained by the Insurance company.
Once the insurance company has settled the claim amount to the nominee, it canot be held liable for the subsequent claims made by the other class I legal heirs, the claimant can drag the nominee to court seeking direction of court to the nominee to make payment in respect of his share in the claim amount settled.
2.The succession order should specifically have a mention about th pending policy payments in order to effectively claim the respective share by the successor
- As per the information mentioned in the present query, makes it clear that nominee has been denied over the others who are having succession certificate.
- As per law, nominee always been declared in advance so that if a person dies without any Will or do not want to give his wealth to someone else then with the help of that nominee representation, money will be going to the person who was chosen by the person when he was alive.
- You should serve a legal notice to the insurance company and if still they don’t do anything then you may have to file a suit for recovery of money agaisnt them.