Insurance Policies and Benefits

Who can be appointed as a trustee for an insurance policy under the MWP Act?

• Only an individual

• Only a corporate entity

• Both an individual and a corporate entity

• Only a legal representative

• The policyholder's spouse

Can a divorced man purchase the MWP policy?

• Yes, only for himself

• Yes, for his children only

• No, only married men can purchase the policy

• Yes, for both himself and his children

• No, divorced men are not eligible for the MWP policy

Answer explanation

Yes, a divorced man can purchase the MWP policy for both himself and his children.

Who can be named as beneficiaries under the MWP Act for life insurance policies?

• Only the wife

• Only the children

• Wife and children jointly

• Any relative of the insured

• Only the surviving beneficiary

Answer explanation

Under the MWP Act, beneficiaries for life insurance policies can be only the wife, only the children, or both the wife and children jointly.

If a married man excludes his daughters from the beneficiaries' names under the MWP Act, what will be the result?

• The daughters will still be entitled to the claim

• The daughters will not be entitled to any claim

• The daughters' share will go to their legal representatives

• The surviving beneficiaries will receive the daughters' share

• The policy will become void

Answer explanation

If a married man excludes his daughters from the beneficiaries' names under the MWP Act, the daughters will still be entitled to the claim.

What is the purpose of submitting an addendum to the insurance company when obtaining insurance under the MWP Act?

• To nominate beneficiaries for the policy

• To appoint a trustee for the policy

• To change the terms and conditions of the policy

• To cancel the policy

• To transfer the policy to another individual

Answer explanation

To nominate beneficiaries for the policy

What type of policies can be affected under the MWP Act?

• Joint policies and child plans

• Policies on the life of a married man

• Policies on the life of the wife

• Policies with high premium amounts

• Policies with loan facilities

Answer explanation

Policies on the life of a married man can be affected under the MWP Act, making it the correct choice.

Can a trust be formed as a "class" under the MWP Act?

• Yes, for the wife and children

• No, only individuals can be named beneficiaries

• Yes, for any relative of the insured

• No, trusts are not allowed under the MWP Act

• Yes, for the surviving beneficiaries

Answer explanation

Yes, a trust can be formed as a 'class' under the MWP Act for the wife and children, any relative of the insured, and the surviving beneficiaries.

Can a trust be formed under the MWP Act?

• Yes, only in the name of the wife

• Yes, only in the name of the children

• Yes, in the name of both the wife and children

• No, trusts are not allowed under the MWP Act

• Yes, in the name of any relative of the insured

In a family floater policy, how is the sum insured shared among the family members?

• Equally among all family members

• In fixed proportions based on age

• Only between the adults in the family

• In no fixed proportion among the family members

In reinsurance treaties, when does the reinsurer typically become involved?

• When the loss exceeds a certain limit

• When the primary insurer transfers the risk

• Before the primary insurer underwrites the risk
• Only in case of catastrophic losses