GIPSA Promotion Exam: Daily One-liners (21st January 2020)

GIPSA Promotion Exam: Daily One-liners (21st 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

  • Difference between basis of claim settlement for ordinary Fire Policy and Reinstatement is – under Fire policy Market value ( making deductions for depreciation ) is base and for reinstatement policy it is possible to recover not the depreciated value of the building but the cost of replacement of the damaged property by new property of the same kind
  • The reinstatement basis settlement shall not apply – if the insured fails to intimate to the insurer within 6 months or any extended time allowed by the insurer to replace the damaged property
  • Reinstatement must be carried out by the insured and completed within – 12 months after the destruction or damage or extended period allowed by insurer

ENGINEERING

  • Standby machinery in MBD is – Covered at a discount of 50% in rate
  • What are the construction phase policies – CAR,EAR(SCE),MCE, Contract works(CW) Insurance, ALOP or Delay in start up(DSU)
  • What are the operational phase policies – MBD, Boiler & Pressure plant(BPP), MLOP, CPM, Civil Engineering Completed Risks( CECR), EEI, Deterioration of Stocks( DOS)

MARINE INSURANCE

  • Sellers contingency policy is not – Assignable except to a banker operating in India
  • On settlement of claim under Sellers contingency policy – subrogates to the insurer all the sellers rights against the buyer himself or the buyers insurance or other third parties
  • The Sellers contingency policy prohibits – disclosure of its existence to any other party, the buyer in particular
  • As per Cancellation By Notice – the policy may be cancelled by the Assured giving notice not less than 7 days prior to the end of each period of 3 months from inception

MOTOR INSURANCE

  • “Stage carriage” means – a motor vehicle constructed or adapted to carry more than six passengers excluding the driver for hire or reward a separate fares paid by or for individual passengers either for the whole journey for stages of the journey
  • Difference between Contract Carriage and Stage carriage is – Contract carriage is engaged for the whole of the journey and it can not pick up passenger en route and whereas the stage carriage runs between two points irrespective of any prior contract and it is boarded by passengers en route who pay the fare for the distance they propose to travel
  • “Driving License” issued under – Chapter II of the MV Act 1988

MISCELLANEOUS

  • For Children the cover is limited to – Death and Permanent Disablement ( Total or Partial )
  • For Family package policy the discount is – 5% on the Gross premium
  • PA policies issued during peace time normal period WAR & Allied risks can be given at 50% extra over the normal rate and in ABNORMAL period it can be covered – by charging 150% extra i.e. 250% of normal rate

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