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The court in Re William Phillips' Insurance held that in general, the moneys payable on a policy effected by a person on his own life belongs to him. The policy owner may deal with the policy and its proceeds in accordance with the policy. He may dispose the policy moneys by will. He may direct the insurer to remit the policy moneys to a named or identified third party upon his death. This is generally known as a nomination and it may be effected by the policy owner either at the time or after the policy is incepted. Just like a will, the nomination takes effect only upon the policy owner's death. The owner of a policy on the life of another person has similar rights. The policy owner may nominate a third party to receive the policy moneys when the insured event happens.