GIPSA Promotion Exam: Daily One-liners (15th 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
- Implosion means – bursting inward or sudden collapse inwards due to external pressure
- In fire insurance salvage means – Excess of value at risk over sum insured
- Fire policy covers – 12 named perils
- The basis rate under Fire LOP policy is based on – the average rate of process blocks under the fire policy
- FLOP Covers – Loss of profit due to reduction in turnover during indemnity period
- The gross profit under FLOP Means – Net profits + standing charges
- To constitute Fire elements required are – Three(3)
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 )
- Loss or damage caused under MBD policy cover under following circumstances – while it is at work or at rest, while being dismantled for cleaning or overhauling, during cleaning or overhauling operations, when being shifted within the premises, during subsequent erection
MARINE INSURANCE
- As per Marine Insurance Act all Marine policies are valued policies but DUTY policy – is not a valued policy and if any claim it will be paid as per the duty paid or on the basis of the Sum Insured whichever is less
- The rate of premium for Duty Policy is – 75% of the rate charged on cargo
- In Increased Value policy ‘Lost or not Lost’ provision of the Standard policy shall not apply , unless the insurance has been effected in terms of – a standing open policy or Open Cover
- The assured will be required to bear 25% of the claim amount payable under – the Increased Value component of the policy
- Increased value policy shall be given for the insured for more than – 100% of the CIF value of the cargo
- War risk is excluded for sending except – at a transshipment ( or Air port ), when cover is allowed to continue for a maximum period of 15 days on board or on land, whilst awaiting on- carriage
MOTOR INSURANCE
- To get NCB confirmation from the previous Insurer – the time limit is 21 days if the insurance company does not write a confirmation letter it is breach of the tariff
- If earlier policy taken at Abroad and earned NCB there can the insured claim the same in India at the time of renewal – Yes, subject to production of proof and he is eligible to utilize the same within 3 years of period
- To get eligibility to claim NCB the vehicle must be insured – continuously for the period of 12 months
- How many Automobile Associations are there – Automobile Association of Eastern India, Uttar Pradesh Automobile Association, Western India Automobile Association, Automobile Association of Southern India and the Automobile Association of Upper India
- What is the discount allowed if the insured is a member of the above association – 5% of discount of the Own Damage premium subject to a maximum of Rs.200/- for a private car and maximum of Rs.50/- for a Two Wheeler
- If insured cancels member during the currency of the policy – the discount eligible is on pro rata basis
MISCELLANEOUS
- Who can bring an action against a director of a company giving rise to a claim under D&O Policy – Customers, Regulator and employees
- What cost cannot be usually covered under a Product Recall Cover – Product Guarantee
- Claims under Product Liability Policy can be paid in – Foreign currency with RBI Permission
- The retroactive clause under a Liability policy defines that – Under a claims made policy the loss should occur within policy period in case of renewal without break
- Ratio of AOA:AOY Maximum Indemnity limit under Public Liability ( ACT Policy ) is – 1:3
- Contribution to Environmental Relief Fund is under the PLI Act is–An equivalent amount of premium
- Retroactive date means – Inception date of the policy without break
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