GIPSA Promotion Exam: Daily One-liners (15th January 2020)

GIPSA Promotion Exam: Daily One-liners (15th 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

• Floater extra is – premium + 10% loading
• Floater extra is not chargeable – if stocks situated within godowns/process blocks in the same compound
• Minimum sum insured for Fire Declaration Policy – 1.00 Crore in one or more locations and Rs.25.00 Lakhs at least in one location

ENGINEERING

• Under EEP Policy Increased cost of working excess is in terms of – days i.e. 4 days ( 96 hours ), 7 days ( 168 hours )
• Whether Personal expenses & transportation of materials is payable under EEP policy – Yes if Separate sum insured is declared for the same
• To allow installment premium the period of policy under CAR/EAR should be more than – 12 months
• The last installment premium to be paid by insured is before – 6 months of the policy expiry period
• How many type of Excess are there in Long term project policies – Four (4)

MARINE/ AVIATION INSURANCE

• When Increased value Insurance policy be taken – if the market value of the goods at destination port on the date of landing is higher than the CIF and Duty value of the cargo
• Duty Insurance & Increased Value Insurance issued only – on imports
• TAC has formulated package policies to cover transit risks as well as storage risks incidental to transit for – Tea, coffee, cardamom and rubber
• Section IV of the policy deals with – General conditions
• Section V deals with – Cancellation revision and Automatic termination

MOTOR INSURANCE

• Chapter XI of Act, 1988 deals with – Fault Liability
• Chapter X of Act, 1988 deals with – No fault Liability
• From June, 1985 GIC with a view to ensuring speedy disposals of TP Claims have introduced –“LOK AYUKTA”
• Section 166 of MV Act, 1988 provides that – an application for compensation arising out of an accident may be made

MISCELLANEOUS

• Section 445 of the Indian Penal Code has defined – Housebreaking
• Section 378 of the Indian Penal Code has defined – Theft
• Section 390 of the IPC has defined – Robbery

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