AIA’s Policies were being included in the Policyowner’s Estate as part of Bankruptcy proceedings. The only defence put forth is that the Insured is the daughter of the Policyowner.
In such an A/O(Applicant/Owner) relationship, the Policy is still deemed to be owned by the Policyowner unless a specific Nomination Document accompanies the application specifically mentioning the Policyowner cedes all rights and ownership of the Policy to the Insured and with that, certain conditions have to be fulfilled; eg, Age of the Insured…
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