Common use of Nomination Clause in Contracts

Nomination. Nomination shall mean the process of the Certificate Holder appointing individual(s) to receive the takaful benefits in the event of the death of the Person Covered at any time after the Certificate Schedule has been issued. Nomination is conditional and revocable by the Certificate Holder at any point of takaful tenure and shall only take effect from the date We receive the written notice. Nominee shall mean the person appointed to receive the takaful benefits either as beneficiary (intended recipient) or as wasi (executor). Nominee appointed as beneficiary shall receive the takaful benefits via conditional hibah contract, and the takaful proceeds under this Certificate Schedule shall be excluded from applicable inheritance law. Nominee appointed as Wasi must have attained age eighteen (18), shall receive the takaful benefits as administrator, is responsible to distribute the takaful benefits in accordance with the Islamic law of inheritance (faraid) or the Distribution Act. Payment of takaful benefits will be made in accordance to the Islamic Financial Services Act 2013.

Nomination. Nomination shall mean the process of the Certificate Holder appointing individual(s) to receive the takaful benefits in the event of the death of the Person Covered at any time after the Certificate Schedule has been issued. Nomination is conditional and revocable by the Certificate Holder at any point of takaful tenure and shall only take effect from the date We receive the written notice. Nominee shall mean the person appointed to receive the takaful benefits either as beneficiary (intended recipient) or as wasi (executor). Nominee appointed as beneficiary shall receive the takaful benefits via conditional hibah contract, and the takaful proceeds under this Certificate Schedule shall be excluded from applicable inheritance law. Nominee appointed as Wasi must have attained age eighteen (18), shall receive the takaful benefits as administrator, is responsible to distribute the takaful benefits in accordance with the Islamic law of inheritance (faraid) or the Distribution Act. Payment of takaful benefits will be made in accordance to the Islamic Financial Services Act 2013▇▇▇ ▇▇▇▇.

Nomination. Nomination shall mean the process of the Certificate Holder You appointing individual(s) to receive the takaful benefits in the event of the Your death of the Person Covered at any time after the Certificate Schedule of Takaful has been issued. Nomination is conditional and revocable by the Certificate Holder You at any point of takaful tenure and shall only take effect from the date We receive the written notice. Nominee shall mean the person appointed to receive the takaful benefits either as beneficiary (intended recipient) or as wasi Wasi (executor). Nominee appointed as beneficiary shall receive the takaful benefits via conditional hibah contract, and the takaful proceeds under this Certificate Schedule of Takaful shall be excluded from applicable inheritance law. Nominee appointed as Wasi must have attained age eighteen (18), shall receive the takaful benefits as administrator, is responsible to distribute the takaful benefits in accordance with the Islamic law of inheritance (faraid) or the Distribution Act. Payment of takaful benefits will be made in accordance to with the Islamic Financial Services Act 2013▇▇▇ ▇▇▇▇.