How are death claims distributed among multiple nominees?

Practice question from IC 38 Mock Test 11 — bank. The correct answer is highlighted below with a full explanation.

Options

A

Each nominee receives an equal share of the claim amount
B

The claim amount is paid to the nominee who reaches majority age first
The claim amount is payable to the nominees jointly, or to the survivor(s)

Correct answer
D

The claim amount is divided among the nominees based on their relationship to the life assured

A full explanation for this question is being written. In the meantime, the correct answer is highlighted above.

Test yourself for real

Same duration, same weighting, same difficulty distribution as the real exam — with explanations on every question.