Life assurance / endowment policies Sample Clauses

Life assurance / endowment policies. An agent should always ensure that the trustee’s interest is noted on a life / endowment policy even if it has no surrender value at the time. Also he should receive an acknowledgement that an interest has been recorded by the company concerned. Even if payment is made only on the death of one of the parties because of the terms of the policy, the agent should still have the trustee’s interest noted. This equally applies to policies which are assigned to a third party. Failure to do so may result in the agent being in breach of contract and liable to make good any loss.
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Related to Life assurance / endowment policies

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