GIPSA Promotion Exam: Daily One-liners (14th February 2020)

GIPSA Promotion Exam: Daily One-liners (13th 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

  • Declaration policy has minimum S.I. Of – Rs.1.00 Crore
  • Minimum sum insured under Floater Declaration Policy – Rs.2.00 Crores
  • DSU means – Delay in start up insurance
  • Earthquake zones – 4
  • Spontaneous combustion categories – 4
  • Fire at suppliers premises can be a part of – an LOP Policy
  • Common utilities outside the premises can be rated as – Per se
  • Storage of hazardous chemical up to 5% of value at risk – does not effect the claim
  • Industrial All Risk policy allows under insurance up to – 15% of sum insured

ENGINEERING

  • Boiler and Pressure Plant policy covers – Damage other than by fire, to the boilers and to surrounding property of the insured, as specified in the policy and Legal liability to the insured of property /bodily injuries , deaths of third parties
  • Maximum permissible escalation under EAR policy is – 50%
  • How much discount can be given in EEI if property insured under fire policy also – 5%

MARINE INSURANCE

  • The All India Marine Cargo Tariffs was – discontinued with effect from 1.4.1994
  • Who many sections are there in erstwhile All India Marine Cargo Tariff – 13 sections
  • Rejection risks policy in Marine designed for – Exporters excluding frog legs in any form
  • Insurance underwritten by UIIC as a Flag company in South India the sharing pattern is –31:23:23:23
  • Market Agreement is there for – a)Export of Diamond, Precious stones and Jewelryb)Despatch through Courier Service
  • Minimum premium for Marine policy is – Rs.50/- for a specific marine policy; Rs.20/- for a Open cover Certificate; for endorsement Rs.15/-
  • Liner means – vessels which are over 15 years of age and below 25 years and maintained a regular pattern of trading on an advertised schedule between ports

MOTOR INSURANCE

  • Solatium Fund established by the Central Government with effect from – 1st October, 1982
  • When a person is entitled to claim compensation under section 140 and section 163(a), he shall file the claim under either of the said sections – and not under both
  • Risks covered under section 1 of Private car & Two wheeler policies under package policy are – i. Fire explosion self ignition or lightning ii. By burglary housebreaking or theft iii. By riot and strike iv. Earthquake v. flood, typhoon, hurricane, storm, tempest, inundtion , cyclone, hailstorm and frost vi.accidental external means vii. Malicious act viii. Terrorism  ix. Whilst in transit by road rial in-land waterway lift or elevator or air x. landslide and rockslide
  • Depreciation for Private cars & Two wheelers – Rubber/nylon/plastic parts, tyros and tubes, batteries and air bags – 50%, for fibre glass components 30%
  • No depreciation on – Parts made of Glass
  • Exclusions under Private car & Two Wheeler policy – a) Consequential loss, depreciation, mechanical or electrical breakdown, failures or breakages b) Damage to tyros and tubes unless the vehicle is damaged in accident and 50% only is payable c) intoxicating liquor or drugs of the driver at the time of accident

MISCELLANEOUS

  • Dealers Stock or Travelers Samples covered – No , excluded under Baggage policy
  • A Burglary insurance policy excludes damage which may be covered by – a PLATE GLASS Insurance policy
  • The items mentioned in Section I are covered under Cash in Transit policy and they are Wages in transit from bank to insured premises, cash in transit from the insured premises to post office , postal orders , stamps to insured premises, wages in transit from insured main premises to insured branch premises, cheques bills of exchange, etc in transit from insured premises to bank, cash collected by employees from the time of collection and until delivered at insured premises or bank on the day of collection and unpaid wages etc retained at the insured premises in burglar resisting safe or strong room
  • Un paid wages etc, retained at the insured premises in burglar resisting safe or strong room can be covered under – Burglary policy also
  • SUM INSURED under Money in transit has two elements – 1. Limit of the insurers liability for any one loss 2.Estimated amount in transit during the year

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