GIPSA Promotion Exam: Daily One-liners (22nd January 2020)

GIPSA Promotion Exam: Daily One-liners (22nd 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.’


  • How many days notice to be given to insured for cancellation of policy – 15 days
  • The insurer is not liable for any loss after the expiry of 12 months from the – date of loss unless the claim is pending action or arbitration
  • If claim is disclaimed by the insurance company the insured has to go to court within – 12 months of that disclaim otherwise insured cannot recover the claim


  • Software covered under Electronic Equipment Policy – Only System Software covered under this policy
  • Electronic Equipment Policy can be issued to – Owner, lessor or hirer depending upon the responsibility or liability in each case
  • How many sections are there in EEP policy – 3 Sections
  • EEP Policy covers – section 1- Equipment, Section 2 -External Data Media & section- 3 Increased cost of working


  • Exchange control regulations regarding payment of premiums on cargo policies covering exports and imports are called – General Insurance Memorandum ( GIM 
  • Residents in India are not permitted to take – Marine insurance cover with insurance companies in foreign countries without prior approval from RBI
  • Marine policies on shipments between India and other countries as also between two points out side India may be – issued in Rupees or in any foreign currency
  • The “Institute” Clauses are drafted by – The Technical and the Clauses Committee of the Institute of London Underwriters


  • Section 169 deals with – Procedures and Powers of the Claims Tribunal
  • Section 171 deals with – empowers the claim tribunal to order that simple interest at such rates as it thinks fit shall also be paid along with the award of compensation
  • Section 173 deals with – Appeals means any person can go for appeal against claim tribunal within 90 days from the date of the award, prefer an appeal to the High Court
  • Chapter X,XI,XII of MV Act, 1988 is a piece of social legislation and its – provisions are designed to protect the rights of victims of road accidents


  • How much family discount allowed under MEDICLAIM – 10%
  • Cost of Health Checkup is reimbursable to the insured once in – 4 years and the it is 1% of the average sum insured during that 4 years
  • MEDICLAIM Policy can be extended to – Nepal and Bhutan with prior permission
  • In Jana Arogya Bima Policy – Cumulative Bonus and Medical Checkup benefits are not included

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