Question

What is the provision of Section 6 of the MWP Act?

a.

A policy effected by any married man on his own life for the benefit of his wife or children shall be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interest so expressed, and shall not be subject to the control of the life assured (husband), or to his creditors.

b.

A policy effected by any married woman on her own life for the benefit of her husband or children shall be deemed to be a trust for the benefit of her husband, or of her husband and children, or any of them according to the interest so expressed, and shall not be subject to the control of the life assured (wife), or to her creditors.

c.

A policy effected by any married man on his own life for the benefit of his wife or children shall be deemed to be a trust for the benefit of his extended family, or any of them according to the interest so expressed, and shall not be subject to the control of the life assured (husband), or to his creditors.

d.

A policy effected by any married woman on her own life for the benefit of her extended family shall be deemed to be a trust for the benefit of her extended family, or any of them according to the interest so expressed, and shall not be subject to the control of the life assured (wife), or to her creditors.

Posted under IC22 Life Insurance Underwriting

Answer: (a).A policy effected by any married man on his own life for the benefit of his wife or children shall be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interest so expressed, and shall not be subject to the control of the life assured (husband), or to his creditors. Explanation:Section 6 of the MWP Act provides that a policy effected by any married man on his own life for the benefit of his wife or children shall be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interest so expressed, and shall not be subject to the control of the life assured (husband), or to his creditors.

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Q. What is the provision of Section 6 of the MWP Act?
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