GIPSA Promotion Exam: Daily One-liners (12th January 2020)

GIPSA Promotion Exam: Daily One-liners (12th January 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

  • Riot, Strike, Malicious and Terrorism Damage cover under standard fire and Special Perils policy ( MD) is renamed as – RSMD cover and excluded Terrorism damage from 1.4.2002
  • Impact damage does not cover – loss or damage due to insured own vehicles or their employees while acting in course of their employment
  • Subsidence and landslide does not cover – Coastal or River Erosion
  • Bush fire does not cover – loss due to Forest fire

ENGINEERING

  • Whether MCE policy covers Incidental Storage – Yes
  • Can War& SRCC cover can be given in MCE Policy – Yes if ocean transit involves , but for Inland transit War Risk not covered
  • MBD Policy covers – Boilers, Electrical, Mechanical and lifting equipment.
  • MBD is an – All risks policy

MARINE INSURANCE

  • Stevedores – are contractors appointed by shipping companies for loading and discharging cargoes
  • The sales in India is governed by – Sales of Goods Act, 1924
  • International chamber of commerce have prepared a Brochure attaching to various sales terms – which in terms called INCO terms and are commonly applied internationally
  • The above policy coverage – War and allied perils, SRCC, Political or Terrorist activity, Any malicious act, Confiscation, nationalization, seizure , Hi-jacking or any unlawful seizure and further more this policy covers claims excluded from the Hull “ALL RISKS” policy
  • Section II of the above Policy Covers – 90% of any payment properly made in respect of ( a ) threats against any Aircraft or its passengers or crew made during the currency of the policy ( b) extra expenses necessarily incurred following confiscation, hi-jacking

MOTOR INSURANCE

  • In Hit and Run cases the compensation is called as – “ex-gratia”
  • Section 140 of MV Act, 1988 deals with – Liability without fault of the owner of the vehicle and for Death – Rs.50000/- and for Permanent Disablement Rs.25000/- ( Rs.15000/- and Rs.75000/- respectively in 1939 Act )
  • Section 142 provides that Permanent disablement means – Permanent privation of the sight or either eye or the hearing of either ear, or privation of any member or joint, or (b) destruction or permanent impairing of the powers of any member or joint or (c) permanent dis figuration of the head or face

MISCELLANEOUS

  • In case of Discontinuation of studies – the entire amount will be paid as a lumpsum to the girl child on completion of 18 years of age
  • Premium for Bhagyasree policy – Rs.15/-
  • GICAMC means – GIC Asset Management Company Limited who is the Financial Institution and take care about Bhagyashree policy payments

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