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Who Will Get the Insurance Money if Both the Policyholder and the Nominee Die? Who Will Be Entitled to the Money in Case of an Emergency?
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While taking a term insurance policy, every person makes one member, usually his wife or husband, a 'Nominee' for the financial security of his family. A nominee is the person who has the legal right to receive the sum assured (Sum Assured) after the death of the policyholder. In such a situation, have you ever thought that if both the policyholder and the nominee die together or within a short period of time in an unfortunate road accident, the…
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