Blank space in the policy bond

We have, in the Post dealing with a conventional policy bond, discussed that the policy has four parts, viz. the acceptance and promise part, the schedule, the conditions and privileges and the blank space in the policy bond. Now we come to the ‘blank space’. The ultimate objective of purchasing a policy is to get a claim when the time arises. Thus while proposal is the beginning of a policy, claim is the end of it. Between the proposal and claim there may be a long period of several years during which several transactions may have to be made on the policy. Such transactions are in the nature of fresh nomination or change of nomination, assignment and re-assignment, corrections in the various items given in the schedule or conditions and privileges, variations in the items given in the schedule or conditions and privileges etc. These are to be effected on the policy through endorsements on the policy. The blank space is for this purpose. Some transactions like assignment or reassignment calls for payment of stamp duty, if done through a separate deed and are free from stamp duty if done on the policy bond itself. Some examples of endorsements to be done in the blank spaces are given below:

i. Fresh nomination ii. Change of nomination iii. Assignment iv. Reassignment v. Correction or change of name vi.  Correction in age and date of birth vii. Reduction in term viii. Conversion of without profit policy into with-profit policy ix. Waiver of future premium x. Removal of extra premium for occupational xi. Withdrawal of rider benefits, extra