Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
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Each policy under MWP Act will remain a separate Trust. Either the wife or child (over 18 years of age) can be a trustee.
The policy enacted under MWP Act cannot be surrendered and neither nomination nor assignment is allowed.
If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy becomes payable to the official trustee of the State
The term children in MWP Act refers to the sons and daughters - both natural and adopted
The Term Married Man under MWP Act includes a Widower or a Divorced Man
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