GIPSA Promotion Exam: Daily One-liners (16th January 2020)

GIPSA Promotion Exam: Daily One-liners (16th 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

  • Rent for Alternate Accommodation insured – non manufacturing premises only and it is compulsory for owner-occupant to insure both buildings and contents
  • Rent for Alternate accommodation – the tenant wants he has to insure contents of the premises for which this extension is sought
  • Provisional premium rate which the risk not available in tariff is – 2.50%

ENGINEERING

  • EAR Policy covers – Erection of electrical plant and machinery and equipment and structures
  • Very little civil works involved in – EAR Policy
  • EAR Policy expires on – after first test operation or test loading is concluded ( which ever is earlier ) but in no case beyond four weeks from the day on which,after completion of erection a trial running is made or readiness of work is declared

MARINE/ AVIATION INSURANCE

  • Basis of Valuation under Open Cover – CIF + 10%
  • Basis of Valuation under Open Policy – Invoice cost of goods, the freight for which the insured is liable, the cost of insurance + 10%
  • Notice time for cancellation for Open Policy is – 30 days either side
  • A ‘Clause Paramount’ can only be removed from the policy by physical deletion; other wise – it overrides all other wording, notwithstanding the rules of interpretation

MOTOR INSURANCE

  • Chapter XII sections 165 to 176 of the New Act deal with – “Claims Tribunals”
  • Provisions of Chapter VIII of the 1939 Act have now been covered under – Chapter XI & XII of the New act
  • Chapters X, XI, XII of Motor Vehicle Act 1988, exclusively deals with – Compulsory Third Party Insurance

MISCELLANEOUS

  • Once a claim is settled under of the sub-clauses referred to above the policy becomes – inoperative
  • Death or injury caused due to – Venereal Diseases or Insanity are not payable
  • If the Assignment made in the policy itself no stamp duty is payable , however effected on separate paper, it attracts – a stamp duty of Rs.15/-

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