The life insurance contract exists between the insurer and insured. A beneficiary
may however be named in the policy to receive the proceeds at the death of the
insured. This situation is assumed in the South African right to be a stipulatio alteri.
Acceptance is a unique South African requirement set for the beneficiary in applying
the stipulatio alteri. It does not entirely relate to the intention of a true agreement on
behalf of a third. The beneficiary's rights are very limited. Before the death of the
insured the named beneficiary has no right. At this stage it is also impossible for
him/her to accept the stipulation to his/her advantage. At the death of the insured a
contingent right developed for the beneficiary and must be protected until the
beneficiary has indicated his/her intention to accept or refuse the benefit. Once the
beneficiary accepts the benefit, he acquires a vested right to the proceeds of the
policy.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:ufs/oai:etd.uovs.ac.za:etd-11202013-150455 |
| Date | 20 November 2013 |
| Creators | van Zyl, Rika |
| Contributors | Adv SA Hyland |
| Publisher | University of the Free State |
| Source Sets | South African National ETD Portal |
| Language | en-uk |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.uovs.ac.za//theses/available/etd-11202013-150455/restricted/ |
| Rights | unrestricted, I hereby certify that, if appropriate, I have obtained and attached hereto a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee. I hereby grant to University Free State or its agents the non-exclusive license to archive and make accessible, under the conditions specified below, my thesis, dissertation, or project report in whole or in part in all forms of media, now or hereafter known. I retain all other ownership rights to the copyright of the thesis, dissertation or project report. I also retain the right to use in future works (such as articles or books) all or part of this thesis, dissertation, or project report. |
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