GIPSA Promotion Exam: Daily One-liners (25th January 2020)

GIPSA Promotion Exam: Daily One-liners (25th 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

• The insured does not have any right to – abandon damaged property whether the insurer takes possession or not
• Reinstate or Replacement condition can be revoked by the insurance company in a situation of – Insured is claiming a highly exaggerated amount of loss
• What is Arbitration – Arbitration is a private method of dispute resolution and is faster and cheaper than the process of litigation
• Dispute in regard to claim can be referred to Arbitration as per – Arbitration and Conciliation Act, 1996

ENGINEERING

• Deterioration of Stock policy is a – Consequential loss cover granted in the Engineering Department for stocks contained in large cold storages
• Claim under Deterioration of Stock Policy is admissible if – claim under MBD admissible
• How many types of policies are there under Deterioration of stock – two types
• Deterioration of Stock policies are – a) covers fish, prawn, frog legs & other sea food, fruits, cheese, provisions, dairy products etc b) Contents of Potato cold storage

MARINE INSURANCE

• Marine Insurance Act, 1963 Sections 6 to 17 deals with – an Insurable Interest
• ICC Clauses which clause deals with Insurable Interest – Clause no.11
• Which policies are prohibiting ASSIGNMENT – Duty Insurance Policy, Increased Value Insurance Policy, Special Declaration Policy, Annual Policy, Sellers Interest Contingency Policy, Special Storage Risk Insurance Policy
• How many parties to a Bill of Exchange – Drawer: the person who writes the bill and called Debtor, Drawee: the person to whom the bill is addressed and if he accepts he will be called acceptor & Payee: The person who is to receive payment and in whose favour the bill is drawn. Usually the drawer is also the payee.
• Aircraft policy sections are – Section I : Loss or damage to the Aircraft, Section II: Third Party Liability , Section III: Passenger Liability

MOTOR INSURANCE

• Under Private car policy Protection and Removal costs are – Rs.1500/- in respect of any one accident ( Protection and removal to the nearest repairer and redelivery to the insured )
• Under Two wheeler policy Protection and Removal costs are – Rs.300/- in respect of any one accident ( Protection and removal to the nearest repairer and redelivery to the insured )
• Up to what amount of claim the insured has right to go for repair without permission of the insurer – for private cars Rs.500/- and for two wheelers Rs.150/-
• IDV value is deemed to be taken as – Sum Insured in Private car policy

MISCELLANEOUS

• The Sum Insured under JANA AROGYA BIMA POLICY is restricted per person to – Rs.5000/- only
• Under Group Mediclaim Policy Maternity benefit – available at extra premium for a maximum sum insured Rs.50000/- only
• Cancer Medical Expenses Policy (Indian Cancer Society ) came in to effect from 1.7.1985 and modified from – 1.5.1987
• The members of the society has automatically covered and the risk commences from – one month after becoming the member and below the age of 70 years can join this society

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