GIPSA Promotion Exam: Daily One-liners (13th 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

  • What are the conditions of sale of salvage by tender system – 1. salvage is on “ as is, where is” basis 2. The Deposit forfeiture clause
  • The deposit forfeiture clause means – if the bidder does not take after tender the seller can forfeit the deposit of the bidder as per this clause
  • As per condition no 7 – wider powers are reserved for insurers like the insurer enter and take possession of the building etc after claim
  • Which condition protects the insurer against inordinate delay on the part of the insured in substantiating the claims – Condition no.6
  • In fire insurance the insured has no right to – abandon the property to the insurers whether taken possession of by the insurers or not ( condition no.7 )

ENGINEERING

  • Under MCE Policy cover starts from – the moment the equipment leave the manufacturers warehouse ( import or within the country )
  • In MCE Policy Marine risks covers – All risks as per Institute cargo clauses ( A )
  • CPM Policy cover is – operative whilst the equipment is at work or at rest or lying at contractors own premises
  • Terrorism cover automatically include under – CPM Policy

MARINE INSURANCE

  • For FPA ( Free of Particular Average ) COVER INCLUDING Jettison and washing overboard the rate should be – 3 times the under deck ICC ( C ) rate is charged
  • When the terms of sale are FOB the insurance is arranged by – the Buyer
  • Risk under FOB ( buyers policy) commences on loading of the cargo on the overseas vessel – because it is at that juncture of transit that the risk passes from the seller to the b uyer
  • What is Short Cut Cargo – it relates to goods which arrives too late for a vessel at a loading port or else the goods are not loaded because the vessel has a full cargo load
  • BUILLION means – Raw gold or silver in lump
  • SPECIE means – metal in the form of minted pieces
  • Mechanized Sailing Vessel means – as a vessel registered with Government Authority as having auxiliary engines

MOTOR INSURANCE

  • “Articulated Vehicle” means – A motor vehicle to which a semi-trailer is attached
  • “Certificate of Registration” means – The certificate issued by Competent Authority to the effect that a motor vehicle has been duly registered in accordance with the provisions of the Act ( Chapter IV of the Act )
  • Conductors License deals by – Chapter III of the Act
  • “Contract Carriage” means – a motor vehicle which carries passenger ( s ) for hire or reward and is engaged under contract, whether expressed or implied, for the use of such vehicle as a whole for the carriage of passengers mentioned therein, and entered into by a person holding a permit in relation to such vehicle or any person authorized by him in this behalf on a fixed or agreed rate of sum on time basis and included a maxicab, motorcab

MISCELLANEOUS

  • Bhagyashree Child Welfare Policy is applicable to girl children in the age group of – 0-18 years and whose parents does not exceed 60 years
  • Bhagyashree Policy intention is – to provide insurance cover to ONE Girl child in a family who loses either the father or the mother due to accidental death
  • Coverage under Bagyashsree policy is – in case of death of either or both parents due to accident the company shall deposit a sum of Rs.25000/- in the name of the girl child mentioned in the policy and with a financial institution named in the policy
  • The Financial Institution shall make disbursements as follows –1-5 years Rs.1200/- payable to Surviving parent or guardian for looking after the needs of that child, 6-11 years 1200 per annum payable if the child is admitted in a school and expenditure incurred on the education, 12-17 yeas 2400/- per annum as above ,18 years balance amount to the credit of the girl child payable to the girl child

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