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WorksheetsInsurance under Married Women’s Property Act (MWPA) [L&D]
Total questions: 17
Worksheet time: 6mins
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
Mr Harshal has C2P3D Plus 2 yrs ago. He learned about MWPA now and wants register his existing policy under MWPA. Can he do so?
Yes, MWPA can be applied any time during the policy term
No, MWPA can be applied at the time of inception only.
Ramesh has taken the policy under MWPA. He has appointed his wife as Trustee as well as Beneficiary. He wants to keep his children as nominee under policy. Can he do so?
No, once MWPA is applied, there is no provision for nominee
Yes. he can choose nominee apart from the beneficiary
None of the above
Both statements are correct
What are the tax benefits enjoyed under MWPA
80 C
10 (10D)
80 C and 10 (10D)
none of the above
Under MWPA, married woman can take life insurance policy. True or false
True, Under section 6 woman can apply MWPA to her life insurance policy and keep her child/children as beneficiary
False. There is no such provision for married woman to take life insurance policy under MWPA
True, Under section 5 woman can apply MWPA to her life insurance policy and keep her child/children as beneficiary
True, Under section 5 woman can apply MWPA to her life insurance policy and keep her child/children and husband as beneficiary
Full form of MWPA
Married Women Property Act
Major Women Property Act
Married Women Policy Act
What extra document required to execute MWPA
Age proof
MWPA Addendum
COI , 3 years ITR
Pan Card
Which policies can be sold under MWPA
Only Term policies
Only Pension and Annuity plans
All plans except pension, Annuity
Only Precious Products
