GIPSA Promotion Exam: Daily One-liners (11th February 2020)

GIPSA Promotion Exam: Daily One-liners (11th February 2020)

Dear Aspirants,

As we all know that Marine, Fire, ENGINEERING, AVIATION, Motor, HRM Part is playing a major role in any exam weather it will be GIPSA and Para 13.2 examinations. So here we are providing the Daily one liner for every upcoming exam . Daily one liner consist top study material in one line which is important for every insurance promotion exams.’

 

FIRE INSURANCE

  • The 15 conditions of the fire policy classified into – Condition precedent to the contract, Condition subsequent to the contract and Condition precedent of liability ( 3 types )
  • Warranty – is an undertaking by the insured
  • The purpose of warranty is – to ensure that the risk remains the same as it was at the time of commencement of risk
  • A warranty is a condition which – forms part of contract
  • If breach of warranty is technical nature then the claim will be payable – on Non standard basis
  • Ex-gratia settlement means – where the loss is outside the scope of the policy or doubtful because it is a borderline case
  • Subrogation rights not applicable to – ex gratia payments
  • Ex-gratia payments should be approved by Board of directors and not recoverable from- Re insurers

ENGINEERING

  • Sum Insured under CECR Policy is – must be insured at replacement value
  • Basis of Indemnity under CECR Policy is – only the repair costs are indemnifying, in the case of partial losses, there is no deduction new for old
  • The period of policy under CECR – not more than one year
  • Cold Testing is called as – Functional Testing also
  • Cold Testing means – Checking of component parts of an insured item by mechanical, electrical , hydrostatic under “dry run” conditions which do not necessitate the firing of furnaces
  • Testing or Operational & commissioning test means – checking of component parts of an insured item under load or operational conditions
  • Traveling JIB Cranes – normally travel on standard gauge railway tracks

MARINE/ AVIATION INSURANCE

  • The difference between ICC(B) and Institute Coal clauses is – it extends Fire and Explosion cover to include heating even when caused by spontaneous combustion and inherent vice
  • Institute Jute clauses is similar to Institute Commodity Trade clauses (B) with the difference – Earthquake, Volcanic eruption and lightning are not covered and the cover is attached when jute is boarded on vessel and the time limit 60 days after discharge at the port is reduced to 30 days in Jute Clauses
  • Institute Natural Rubber Clauses is similar to Institute Commodity Trade Clauses (B) with the difference – In ICTC(B) loss or damage to rubber due to water from any source or by hooks, spilling or leakage of any substance or liquid, other cargo or moisture from wet or damp also covered. In addition to that this clause covers theft, pilferage and non-delivery
  • Institute Bulk Oil Clauses covers – as per ICC(B) and Leakage of oil from connecting pipelines in loading, transshipment or discharge and negligence of master, officers and crew in pumping cargo and contamination due to stress of weather is covered
  • Trade clauses except Institute Bulk Oil Clauses and Timber Trade Federation clauses – are not commonly used in India

MOTOR INSURANCE

  • Proposal forms as specified in Section 5 of the INDIA MOTOR TARIFF are required to be submitted by the – insured
  • Policies to be issued to the insured as per the – Section 6 of the INDIA MOTOR TARIFF
  • Geographical Area of Motor policies may be extended to include – Bangladesh, Bhutan, Nepal, Pakistan, Sri Lanka, Maldives the additional premium to be charges 500/- for package and 100/- for Liability policies
  • CLASSIC CARS means – Any car manufactured after 31.12.1940 , but before 31.12.1970 is considered as classic car
  • Geographical Zones – Private cars/Two wheelers/CV rate able under section4.C.1 and C.4 – Zone A: Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi and Pune Zone B: Rest of India

MISCELLANEOUS

  • All Risks policy issued – on named exclusions basis
  • Under Travellers Baggage policy exclusions are – Routine Travel, Article added during the course of the journey, All other exclusions as per ALL RISKS policy
  • Sections of Jewellers Block Insurance – Section I: Premises risks, Section II: Custody Risk outside premises, Section III: Transit Risks, Section IV: FFF & Safes
  • Stock under custody in excess of Rs.2.00 Lakhs should be secured in – locked safe after business hours – Section II
  • Sum Insured under Section II should not exceed Section I Sum insured – under Jewellers Block
  • Under Jewellers Block condition of Average applicable to – Section I & Section IV

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