The correct answer is: B. Official trustee of the State
The MWP Act, or the Married Women’s Property Act, is a law that protects the property rights of married women. Under this law, if a policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy will become payable to the official trustee of the State.
The official trustee of the State is a government official who is responsible for administering the estates of deceased persons who have not appointed a personal representative. In this case, the official trustee of the State would be responsible for administering the benefits under the policy and ensuring that they are distributed to the rightful beneficiaries.
The other options are incorrect because:
- Option A, next of kin, is not always the rightful beneficiary of a deceased person’s estate. In some cases, the estate may be distributed according to the terms of a will or a trust.
- Option C, insurer, is not the rightful beneficiary of a deceased person’s estate. The insurer is responsible for paying out the benefits under the policy, but they are not entitled to the benefits themselves.
- Option D, insured, is the person who takes out the insurance policy. However, if the insured dies without appointing a special trustee, the sum secured under the policy will not be payable to them.