1. Valid nomination
1.1. Singapore
1.1.1. Revocable Nomination
1.1.1.1. may nominate any legal entity (individual, association or corporation); trustee is not required
1.1.1.1.1. can the policywoner nominate himself his beloved pug or eagle?
1.1.1.1.2. can the policyowner appoint trustee for revocable nomination?
1.1.1.2. trustee is not required
1.1.1.3. policyonwer subsequently makes a WILL which provides for the disposition of all death benefits of the policy and specify the particulars of such relevant policy
1.1.1.3.1. the nomination is deemed to be revoked
1.1.1.4. policy proceeds not protected against claims from creditors in the event of bankrutpcy
1.1.1.5. nominee predeceases the policyowner
1.1.1.5.1. there is one surviving nominee, nomination varied by adding the deceased nominee's portion to that surviving nominee's portion
1.1.1.5.2. there is more than one surviving nominee, nomination varied by adding a share of the deceased nominee's portion to each surviving nominees' portion
1.1.1.5.3. no surviving nominee, then nomination is deemed to be revoked
1.1.1.6. policyonwer assigns the policy
1.1.1.6.1. the nomination is deemed to be revoked
1.1.1.7. policywoner makes another nomination
1.1.1.7.1. the earlier nomination is deemed to be revoked
1.1.1.8. living benefits will be paid to policyowner; only death benefits will be payable to nominees
1.1.1.8.1. what if the policyowner is mentally incapacitated or vulnerable?
1.1.1.9. what if the policyowner exercises life insured change option?
1.1.2. Irrevocable Nomination / Trust Nomination
1.1.2.1. may only nominate spouse and/or children; trustee is required
1.1.2.2. do not form part of the estate of the policyowner and are not subject to his or her debts
1.1.2.2.1. what if it is intended to defraud the creditors?
1.1.2.2.2. can the policyowner give instruction to the insurer, or can the term and condition of the policy be varied?
1.1.2.2.3. what happen to the nomination if policyowner make a will subsequently?
1.1.2.3. nominee predeceases the policyowner
1.1.2.3.1. the deceased nominee's share will go to his own estate for distribution according to sucession laws in SG
1.1.2.3.2. surviving nominees cannot revoke the nomination alone
1.1.2.4. must appoint one or more trustees of the policy moneys
1.1.2.4.1. who has final control over the policy moneys? trustees or nominees?
1.1.2.5. nomination revocable with consents from (1) all nominees (so long as no nominee has died) or (2) any trustees (not the policyowner)
1.1.2.6. all benefits will be payable to nominees
1.1.2.6.1. what if the nominee is a child?
1.1.2.7. what happens if the policyowner makes a will before @ after the irrevocable nomination?
1.1.3. Section 73 of CLPA (Prior Dec 2009)
1.1.4. NTUC Income Policies
1.2. Bermuda
1.2.1. Revocable Designation of Beneficiary
1.2.1.1. policyowner may designate himself, his estate representative or a beneficiary to receive insurance money; and filed with the insurer
1.2.1.1.1. can the policyowner name"heirs""next of kin""estate""wife""husband" in the designation? designated beneficiary not further identified by name
1.2.1.1.2. "beneficiary" means a person, other than the insured or his estate representative, to whom or for whose benefit insurance money is payable in a contract or by a declaration
1.2.1.2. policyowner can appoint trustee in a contract or by a declaration
1.2.1.2.1. can the policyowner appoint more than one trustee?
1.2.1.3. policyowner can make a designation of a beneficiary in an instrument purporting to be a WILL
1.2.1.3.1. this will not be ineffective by reason only of the fact that the instrument is invalid as a will or that the designation is invalid as a bequest under the will
1.2.1.4. Policyowner has control over the insurance money
1.2.1.5. the insurance money forms part of whose estate and is it subject to the claims of the creditor?
1.2.1.5.1. payable
1.2.1.5.2. not yet payable
1.2.1.6. beneficiary predeceases the "LIFE INSURED"
1.2.1.6.1. there is disposition of the share of the deceased beneficiary in the insurance money is provided in the contract or by a declaration
1.2.1.6.2. there is no disposition of the share of the deceased beneficiary
1.2.1.7. beneficiary predeceases the "policyowner"
1.2.2. Irrevocable Designation of Beneficiary
1.2.2.1. policyowner may designate himself, his estate representative or a beneficiary to receive insurance money
1.2.2.1.1. HOWEVER, any declaration in a will purports to designate a beneficiary irrevocably has the same effect as if the policyowner had not purported to make it irrevocable
1.2.2.2. policyowner cannot change the designation without beneficiary's consent (during his lifetime)
1.2.2.2.1. can the designation be altered or revoked if the beneficiary predeceases the policyowner or the insured?
1.2.2.3. policyowner can appoint a trustee in a contract or by a declaration
1.2.2.3.1. what is the power of a trustee?
1.2.2.4. Section 21: the interest of the beneficiary in the insurance money is not subject to the control of the POLICYOWNER or his CREDITORS and does not form part of the estate of the policyowner
1.2.2.5. the insurance money forms part of whose estate and is it subject to the claims of the creditor?
1.2.2.5.1. payable
1.2.2.5.2. not yet payable
1.2.2.6. Only beneficiary has control over the insurance money
1.2.2.7. beneficiary predeceases the "policyowner"
1.2.2.8. beneficiary predeceases the "LIFE INSURED"
1.2.2.8.1. same as revocable nomination above
2. No valid nomination
2.1. Singapore
2.1.1. Insured died testate
2.1.1.1. Insurer notified of the will
2.1.1.2. Insurer not notified of the will
2.1.2. Insured died intestate
2.1.2.1. >$150,000
2.1.2.2. <$150,000
2.2. Bermuda
2.2.1. Insured died testate
2.2.2. Insured died intestate
3. Legal Assignment
3.1. Singapore
3.1.1. revocable nomination is deemed to be revoked