Which of the following statements is correct?

A. The policy document has to be signed by a competent authority, but need not be compulsorily stamped according to the Indian Stamp Act

B. The policy document has to be signed by a competent authority and should be stamped according to the Indian Stamp Act

C. The policy document need not be signed by a competent authority, but should be stamped according to the Indian Stamp Act

D. The policy document neither needs to be signed by a competent authority nor it needs to be compulsorily stamped according to the Indian Stamp Act

Answer: Option B

Solution(By Examveda Team)

According to the Indian Stamp Act, the policy document has to be signed by a competent authority as well as stamped. Hence, option (2) is correct.