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Options
-
Existing nominations are canceled and reinstated upon re-assignment
Correct answer
- B
Nominee is reinstated when the policy is assigned
- C
Existing nominations are canceled if the policy is assigned to the same insurer
- D
An assignment has no impact on nominations
Why this is the answer
Assigning an insurance policy results in the cancellation of current nominations; they are reinstated when the policy is re-assigned back to the original policyholder.
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