A policy effected under the Married Women’s Property (MWP) Act 1874 can be for the benefit of the wife or children, and the policy becomes the property of the woman, who cannot be deprived under any circumstances.

Practice question from NISM Series XB- Investment Adviser (Level 2) Mock Test 4 — bank. The correct answer is highlighted below with a full explanation.

Options

A

The policy can be effected for the benefit of wife or children or both of them
B

The policy becomes the property of the woman and cannot be taken back by the husband under any circumstances
Both of the above

Correct answer
D

Neither of the above

Why this is the answer

Policies under the MWP Act benefit the wife or children, and the insured woman’s rights are protected, making the policy her property.

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