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NexGen School of Financial Market One Hundred Frequently Asked Questions on Basic Finance What is a nominee and why is one important?

What is a nominee and why is one important?

by Dr. Gaurav Sinha , Mr. Vinay Kohli  ·  Unit 95 of 100
A nominee is a person designated to receive the proceeds or assets associated with a financial account, investment, or insurance policy in the event of the account holder's death. Appointing a nominee helps simplify the transfer process and supports smoother settlement of financial assets according to applicable legal procedures.