Question

What happens if a policyholder does not appoint a special trustee for a policy under the MWP Act?

a.

The policy cannot be enforced

b.

The policy becomes void

c.

The sum secured under the policy is paid to the Official Trustee of the State

d.

The policy proceeds are subject to court attachments

Posted under IC38 Life Insurance Agent Exam

Answer: (c).The sum secured under the policy is paid to the Official Trustee of the State Explanation:If a policyholder does not appoint a special trustee to administer the benefits under the policy, the sum secured under the policy becomes payable to the Official Trustee of the State.

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Q. What happens if a policyholder does not appoint a special trustee for a policy under the MWP Act?
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