Supreme Court · 2015 INSC 946 · Decided 29 December 2015
Lic of India v. Insure Policy Plus Services PVT. LTD. & ORS.
- Court
- Supreme Court of India
- Citation
- 2015 INSC 946 · [2015] 10 S.C.R. 1067
- Case number
- CIVIL APPEAL No. 8542/2009
- Decided
- 29 December 2015
- Bench
- VIKRAMAJIT SEN, SHIVA KIRTI SINGH (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
Headnote
Insurance Act, 1938- s. 38-Assignment and transfer of insurance policies - Insurance policies issued by the c appellant-insurer- Whether freely tradable and assignable - Held: Insurance policie~ issued by appellant "are transferable and assignable in accordance with the provisions of the of the contract of life insurance- On transfer or assignment of a policy and on the D requisite procedure being complied with, assignee alone has an absolute interest in the policy- Insurer was bound by the provisions of s. 38 to accept such a transfer or endorsement - s. 38 is mandatory and
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