Address

Another item in the schedule of the policy is the address of the life assured. This is the address to which notices and claim intimations could be sent. Where the life assured and the life proposed are different address of the life proposed is given. This address should be one certified through address proof under anti-money-laundering and know-your-customer guidelines. Insurance company maintains ‘address master’ for all its policies. If a customer moves his residence from one place to another he shall intimate the insurance company of his new address. A customer can, during the term of a policy, change the address any number of times. Changes will be effected in the insurer’s records and not in the policy (which is in the possession of the policyholder). Section 2(2) of The Insurance Act, 1938 (India) defines - ‘‘policyholder’ includes a person to whom the whole of the interest of the policyholder in the policy is assigned once and for all,….” This means that absolute assignee is policyholder. Once a policy is absolutely assigned to another person the insurance company incorporates the address of the absolute assignee in its address master / records since further notices shall go to the absolute assignee, who is policyholder.

Key words:

Schedule of policy
Address
Policyholder
Assignee