Naidoo v Discovery Limited and Others (202/2017)
Naidoo v Discovery Limited and Others (202/2017) [2018] ZASCA 88 (31 May 2018)
The Supreme Court of Appeal held that a risk-only life insurance policy with a beneficiary clause is not an asset in the estate of the policyholder or the joint estate during the policyholder's lifetime. The policy has no surrender value or investment portion and only pays out upon the death of the insured. The rights to nominate or revoke beneficiaries are contractual and do not constitute assets that can be alienated under section 15(2)(c) of the Matrimonial Property Act. Therefore, the nomination of new beneficiaries by the deceased did not require the appellant's written consent and did n…
Source excerpt
- Matrimonial Property Act
- Risk Only Life Policy
- Beneficiary Nomination
- Stipulatio Alteri
- Alienation Of Assets