What is the MWP Full Form in Insurance?
The Full Form of MWP in insurance is Married Women’s Property act. The Married Women’s Property act is a legal safeguard to provide financial security for the spouse in the sudden demise of the insurer. It ensures that the insurance money guaranteed for the wife’s well being and protection, regardless of any pending loans left behind by the husband.
Functions of MWP act:
Policyholder not eligible to take a loan against the policies that comes under MWP act. In case of surrendering a cash-value policy, the beneficiaries will be surrendered with the unpaid profits. If the policy term continues to survive, the maturity proceeds will be paid to the beneficiaries.
Benefits of MWP act:
This will protect the insurer family as per the provisions of this act. Irrespective of caste and religion this act is applicable for all the married women in India. The married women will be financially secured even a after a divorce or the death of their husband. Under this act, the insurance benefits will solely go to the insurer’s wife and children. It is impossible to get claimed or misuse these benefits by the third person in any ways. Any other separate trust funds for the insurer’s family are not needed.