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
- Can the work or Reinstatement carried out another site – yes
- Can reinstatement of policies issued to cover stocks – No
- Local Authorities clause is an extension of – Reinstatement value policy
- Industrial All risks policy designed for – it is a package cover designed for industrial policies ( both manufacturing and storage facilities )with overall S.I. Rs.100.00Crores and above
ENGINEERING
- Can premium adjustment made in Construction phase policies – Yes it can be refunded as per the sum insured adjustment depends upon the cost of construction at the end of the policy period
- Under claim settlement cost of alterations, additions and or improvement are covered – no not covered
- Can Contractor Plant and Machinery treated as Surrounding property – No Insured has to take separate policy for CPM
MARINE/ AVIATION INSURANCE
- Adjacent – Two or more risks next to each other which may or may not communicate
- Average – In insurance terms, Average is applied at a time of loss, when the insured value is less than the actual value of property insured. The client carries a part of the claim in proportion to the amount of under-insurance
- Avoidance – The right of an underwriter, in the event of a breach of good faith or delay in commencement of an insured voyage, to step aside from the insurance contract and to treat it as though he never accepted the risk
- Betterment – Improvement in subject matter’s condition after repair
- Burning cost – A loss ratio determined from the statistics of a number of preceding years in order to assess the premium to be charged to the reinsured in connection with excess of loss reinsurance
MOTOR INSURANCE
- Section 153 states that – for the purposes of sections 150,151 and 152 a reference to “liabilities to third parties” in relation to a person insured under any policy of insurance shall not include a reference to any liability of that person in the capacity of insurer under some other policy of insurance
- Section 155 provides – that if the insured person dies after incurring third party liability, the cause of action survives against the insured estate, or legal heirs or against insurer
- Under Section 110 of Motor Vehicles Act, 1939 Claims tribunals have been constituted and called as– MACT
MISCELLANEOUS
- The earned Cumulative Bonus will not be lost if the policy is renewed – within 30 days after its expiry
- The Insurer is not liable for Compensation under more than one of the sub-clauses ( a to f of benefit chart ) in – respect of the same period of disablement
- Insurer is not liable for – any payment after a claim under sub clauses (a), (b), ( c ), or (d) of the policy has been admitted and settled
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