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Beneficiary nomination CR298 Insured married in community of property – beneficiary nominated without consent of spouse – effect of section 15 of the Matrimonial Property Act. Background The life insured, who was married in community of property to the complainant, held a policy with each of companies A and B. Some years before her death, […]Read More
CR237 Beneficiary Nomination Insured’s nomination of beneficiary refused by insurer—remedies of disappointed beneficiary Background Mr M took out a life policy on his own life, revocably nominating his daughter as beneficiary. The maturity date of the policy was 1 September 2005. An endorsement was subsequently issued in terms of which the insured’s friend, Ms K, […]Read More
CR236 Beneficiary nomination Two beneficiaries nominated on funeral policy – after death insurer paid full sum assured to one of the beneficiaries, relying on clause giving insurer a discretion to pay whomever it considered entitled to it – held, however, that the discretion had to be exercised reasonably, and could not ignore contractual entitlement. Background […]Read More
CR214 Beneficiary nominations – splitting of beneficiary nomination – policyholder nominates his two daughters and himself in predetermined proportions – validity of Background In terms of the insurance contract in this matter, the insurer undertook to give effect to written nominations of beneficiaries or changes in such nominations received by the insurer. At the time […]Read More
CR213 Beneficiary nomination – living annuity – on death of annuitant insurer must adhere to nomination 1. The complainant in this matter was the wife of the deceased annuitant. The annuity was purchased with pension fund money and was a so-called GN18 annuity, in other words, it was untied to the retirement fund. The fund […]Read More
CR174 Beneficiary nominations –nomination revocable – policyholder died before maturity of policy – executor ceded policy to one of the beneficiaries who obtained payment- rights of other beneficiary Background Mrs A took out a single premium endowment policy on her life. The policy was payable on a certain date or her prior death. In the […]Read More