How To Change Nominee Name in Your Bike Insurance Policy?
Do you want to change your nominee's name in your bike insurance policy? Read along to know the procedure to change the name of nominee in your bike insurance policy.
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The coverage covers the owner/rider of the motorcycle in the event of a personal accident. In the event that the owner/rider perishes in the accident, the insurance company compensates the family. This compensation is provided to the nominee you named as a nominee when you purchased the insurance policy. You're probably wondering who is a nominee at this point. Let us explain.
How to Change Your Bike Insurance Policy's Nominee Name?
A nominee is a person designated by a bike insurance policyholder to receive the claim or payout if the policyholder passes away. A beneficiary is another term for the nominee. When the policyholder fills out the form to purchase the insurance plan, he or she mentions the name. There are two scenarios in which the compensation money is paid to the candidate. In the first case, if the policyholder does not survive the bike accident, the compensation sum will be paid to the nominee. The second scenario occurs when the policyholder dies after filing a claim and is unable to collect the funds. The nominee receives the compensation amount from the insurer in this case.
1. The Procedure for Changing a Nominee's Name
Changing the name of the nominee in an insurance policy is a simple process. All you have to do now is make an application to your insurance provider asking for an endorsement and mentioning the new nominee's name. Depending on the company's policies, you can send them through mail or email. To alter the nominee's name, you won't need any documentation; the insurance company will approve the endorsement. Additionally, you do not need the approval of your current nominee to alter the name.
2. Case of Motorcycle Insurance Endorsement
Any type of adjustment or addition you want to make to your existing policy is referred to as an endorsement in an insurance policy. It's a document that maintains track of any changes you make to your insurance policy. It serves as evidence that you've changed the policy. For example, if you move into a new residence and wish to update your insurance policy, your insurer will issue an endorsement to make the adjustment. When it comes to altering the name of a nominee on your policy, you'll need to get an endorsement from your insurance provider. You can request that they pass the endorsement at the time of policy renewal, at the start of the policy year, or in the middle of the policy year. To make the modifications, you may need to submit some of the supporting papers as evidence. However, the insurer will not need you to submit any documents in order to change the nominee’s name because it is entirely up to you.
Since this claim/compensation amount is paid to the nominee you named in your bike insurance policy in the event of your untimely death, this is a critical option. You must make certain that you are appointing a trustworthy nominee. You can appoint your spouse, heir, so that the money is in the proper hands and can be put to good use for your dependents' well-being. You can ask your insurer to pass the endorsement and then make the adjustments if you want to update the nominee's details in the policy.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.