Realizable Securities Part3 (Advances General Information)

14 May 2014

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 Realizable Securities Part1 (Advances General Information)
Realizable Securities Part2 (Advances General Information)
Realizable Securities Part4 (Advances General Information)
Realizable Securities Part5 (Advances General Information)

Advances against Life Insurance Policies

While scrutinizing the policies the Manager/Officer should examine:


1. The sum assured, type of policy, clauses and provisions of the policy.

2. That Policies are properly assigned in bank’s favour and the assignment is duly registered with the LIC of India.

3. That the age of the assured is admitted on the policy.

4. That the latest premium paid receipts are held by the branch on its record.

5. That Policy does not attract provision of the married womens’ property Act 1937.

6. That the policy is in force and surrender value of the policy is ascertained.

7. That the stipulated margin is maintained by the branch.

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Post Category : Advances General Information , Banking , Business , Core Banking System