Test Your Knowledge on MWPA

A visually engaging infographic illustrating the concept of the Married Women’s Property Act with symbols of family, security, and insurance.

Test Your Knowledge on MWPA

Welcome to the MWPA Assessment Quiz! This interactive quiz is designed to test your understanding of the Married Women’s Property Act, its implications, and how it impacts life insurance policies.

Brush up your knowledge and see how familiar you are with key aspects of MWPA through a series of thought-provoking questions.

Multiple choice questions
Real-life case studies
Learn while you play!

15 Questions4 MinutesCreated by UnderstandingRights42

MWPA stands for _______

Term Plans can be taken under the MWPA Act.

True

False

If a Man is divorced or widower, he can still take an insurance policy under this act.

True

False

Define Section 6 of the MWP Act.

Section 6 of the Married Women’s Property Act 1874 (M.W.P. Act.), provides that a policy of insurance effected by any man on his own life and expressed on the face of it to be for the benefit of family members shall be deemed to be a trust for the benefit of his family members, according to the interests expressed, and shall not, so long as any object of the trust remains, be subject to the control of the life insured, or his creditors, or form part of his estate.

Section 6 of the Married Women’s Property Act 1874 (M.W.P. Act.), provides that any property effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, his wife and children, or any of them, shall be deemed to be a trust for the benefit of his wife, his wife and children, or any of them, according to the interests expressed, and shall not, so long as any object of the trust remains, be subject to the control of the life insured, or his creditors, or form part of his estate.

Section 6 of the Married Women’s Property Act 1874 (M.W.P. Act.), provides that a policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of only his wife, shall be deemed to be a trust for the benefit of his wife, according to the interests expressed, and shall not, so long as any object of the trust remains, be subject to the control of the life insured, or his creditors, or form part of his estate.

Section 6 of the Married Women’s Property Act 1874 (M.W.P. Act.), provides that a policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, his wife and children, or any of them, shall be deemed to be a trust for the benefit of his wife, his wife and children, or any of them, according to the interests expressed, and shall not, so long as any object of the trust remains, be subject to the control of the life insured, or his creditors, or form part of his estate.

The beneficiary under the policy under MWP Act shall consist of

Wife alone

Wife, Children or Both

Wife, Children and Parents

Wife and Natural Children

Who among these cannot be the proposer if the contract is taken under MWPA?

Married Man of Indian Origin

Widower

Divorced Man

Unmarried Man

Each policy under MWPA becomes a trust. Therefore, there is a need for a trustee to look after the trust.

True

False

Who can be a trustee in policy taken under MWPA?

Any person belonging to any industrial sector or corporate or vocation can be a trustee. Two or more individuals also can be appointed as trustees.

Only a trustee appointed by the Insurance Company.

A trustee registered under the Trust Act.

The Proposer himself can be the trustee.

Like Nomination, the beneficiaries of the plan taken under MWPA can be changed anytime during the policy term.

True

False

Which of the below statement is true with respect to MWPA.

Assignment and Nomination is not possible if the policy is taken under MWPA.

Assignment is allowed but Nomination is not allowed if the policy is taken under MWPA.

Assignment is not allowed but Nomination is allowed if the policy is taken under MWPA.

Assignment and Nomination both are allowed if the policy is taken under MWPA.

Identify the Incorrect Statement.

Existing policies cannot be covered under MWPA.

Policy cannot be surrendered if taken under MWPA.

Policies can be affected under MWPA only at the proposal stage

Policy claim will be paid to the proposer and not the trustee.

As per Section 6 of the MWP Act the life assured should be

A Married Man

A Married Female

Unmarried Man

Unmarried Female

Case Study : Mr Gupta is a businessman. In order to expand his business further he had taken a loan of 50 lakhs from a Bank. However he died in an accident a few years later and was survived by his wife Shalini and son Sumant. A few years before he died, he had purchased a life insurance policy with Sum Assured 50 Lakhs under normal circumstances (conditions) with an intention to provide financial security to his family. What will be the financial impact of his death on his family?

The creditors will claim the amount received by the nominee from the insurance company to recover the pending dues.

The creditors have no right on the claim money and the family is secured.

The creditors will waive off the Loan since Mr Gupta has died.

Mr Gupta’s family can refuse to pay off the dues and no legal action will be taken against them.

Case Study : Mr Kapoor is a businessman. In order to expand his business further he had taken a loan of 20 lakhs from a Bank. However he died in an accident a few years later and was survived by his wife Kia and daughter Soni. A few years before he died, he had purchased a life insurance policy with Sum Assured 40 Lakhs under MWPA with an intention to provide financial security to his family. What will be the financial impact of his death on his family?

The creditors will claim the amount received by the nominee from the insurance company to recover the pending dues.

The creditors have no right on the claim money and the family is secured.

The creditors will waive off the Loan since Mr Gupta has died.

The Loan will now have to be paid by Mr Kapoor’s family.

Case Study: Manish is a VP in IT Company. He is married and has 2 kids. His current financial position is as follows. Bank Balance 12 Lakhs, Own House, No Loans, FDs worth 20 Lakhs, Mutual Funds and other investments 30 Lakhs. He has decided to buy an Insurance policy to provide financial security for his family, but is confused if he should opt for it under MWPA or not? Help Manish with a valid reason.

He should not opt for the policy under MWPA as this will incur extra cost and he will lose his rights on the policy.

He should not opt for the policy under MWPA as he does not have any debts.

He should opt for the policy under MWPA as he might lose his job someday and then he might have to take loans.

He should opt for the policy under MWPA as his purpose is to provide financial security to his family.

Test Your Knowledge on MWPA

Test Your Knowledge on MWPA

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