Lucknow, May 6 -- The Lucknow bench of the Allahabad high court has ruled that a beneficial nominee of an insurance policy does not have ownership of the policy's proceeds. The court said holding the beneficiary to be a 'beneficial nominee'-to the exclusion of the legal heirs-would lead to absurdity, which was never intended when Section 39(7) of the Insurance Act was amended in 2015. P10...