All of the following Statements are true with regard to Nomination except:
1
Policy-Nomination is Not Cancelled, if the Policy is assigned to the Insurer, in Return for a Loan.
2
Nomination can be Done, at the Time of Policy-Purchase or Subsequently.
3
Nomination can be Changed, by Making an Endorsement in the Policy.
4
A Nominee has Full Rights on the Whole of the Claim.
5
More than one person can be nominated.