https://www.taxtmi.com/article/detailed?id=12117 Nomination does not of itself create a proprietary interest in the nominee; the Law Commission and subsequent amendment distinguish beneficial nominees (absolute owners where statute so prescribes) from collector nominees (custodians holding proceeds in trust). Persons outside the statutory class of beneficial nominees receive proceeds as collector nominees and must hold them for distribution according to heirs' succession rights; insurers' payments to nominees do not automatically terminate heirs' claims unless the nominee is statutorily a beneficial nominee. en-us Tue, 12 Dec 2023 09:56:10 +0530 Tue, 12 Dec 2023 09:56:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12117 Nomination does not of itself create a proprietary interest in the nominee; the Law Commission and subsequent amendment distinguish beneficial nominees (absolute owners where statute so prescribes) from collector nominees (custodians holding proceeds in trust). Persons outside the statutory class of beneficial nominees receive proceeds as collector nominees and must hold them for distribution according to heirs' succession rights; insurers' payments to nominees do not automatically terminate heirs' claims unless the nominee is statutorily a beneficial nominee. Articles Other Topics Tue, 12 Dec 2023 09:56:10 +0530 https://www.taxtmi.com/article/detailed?id=12117