Insurance under Married Women’s Property Act (MWPA) [L&D]

Married Women's Property Act 1874 (MWP Act) was created to protect the properties owned by women from relatives, creditors and even from their own husbands.

• Yes

• No

The beneficiaries can be

• The wife alone

• The child/ children alone (both natural and adopted)

• Wife and children together or any of them

• All of the Above

Each policy will be considered as a separate trust. How will the beneficiaries get the benefits?

• The policies are considered as an automatic trust and there is no need to create a Trust under the Trust Act

• there is need to create a Trust under the Trust Act

The beneficiaries of the plan once declared _____________

• can be changed at any time by the proposer.

• cannot be changed at any time by the proposer.

in case of a death claim, the policy proceeds are received by _____________

• the debtors or part of the estate of the proposer to recover the loan

• the trust and cannot be claimed by the debtors nor will it form part of the estate of the proposer

The policy is taken under MWP Act so that the welfare of the wife/child/children are protected with utmost care

• False

• True

Why are people not making use of the MWP Act 1874?

• There is lack of awareness.

• Not many people, even in the insurance industry, are aware of the provisions of the MWP Act.

• Once covered under MWP Act, the proposers lose control to change or make alterations in the plan.

• It is only available to business class and not for salaried people

The Section 6 of the MWP Act covers life insurance plans. Any married man can take a life insurance policy under MWP Act. This includes divorced persons and widowers.

• True

• False

When did MWPA came to existance

• 1984

• 1874

• 1879

• 1987

Under which section of MWPA, Life Insurance can be taken by married man (can be a divorcee or widower)

• Section 7

• Section 6

• Section 5

• Section 4