GIPSA Promotion Exam: Daily One-liners (30th 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 expression of Terrorism and/or act of terrorism shall have the – same meaning
- The maximum aggregate loss with all insurers in India for terrorism risk is – Rs.750.00Crores
- 750.00 Crores is the maximum limit for any one risk for loss of – Material Damage + LOP
- What is the deductible under Terrorism – for industrial risks .5% of the total S.I. Subject to a minimum of Rs.1.00Lakh , for non-industrial risk .5% of total SI subject to Rs.25000/-
- Terrorism cover can only be given along with – RSMD Cover
ENGINEERING
- CAR Policy covers – Civil Engineering projects, like buildings, bridges, tunnels etc
- Is theft and Burglary covered by CAR policy – Yes it is an all risks policy
- Under CAR policy sum insured to be equal to – the estimated completely erected value of the contract works inclusive of materials, wages, construction costs, freight, customs duty and items supplied by the principal
- Condition of average is applicable in – CAR policy also
- EAR policy is known as – Storage cum Erection (SCE) policy also
MARINE/ AVIATION INSURANCE
- D.D.U ( Delivery duty Unpaid ) – The seller undertakes to deliver the goods at named place in the country of importer without payment of the custom duty as applicable in that country
- Sellers Contingency Insurance policy to be given to – Seller if the buyer refuses to take the delivery of the goods the interest of the seller will be protected under this policy
- Credit Insurances will cover some risks of such rejection but – they are concerned only with the financial aspects and they are not concerned with any loss or damage suffered by the goods
- Insurance covers loss or damage to goods but not – the extra expenses incurred by the seller following a reversion of goods to him example warehousing charges and cost of reshipping
- Depending on the reason for the repudiation of the sale by the buyer, the above expenses are recoverable by the seller from insurers covering the Credit Risk, namely – Export Credit Guarantee Corporation ( ECGC)
MOTOR INSURANCE
- The above two acts are consolidated by – Road Traffic Act, 1960
- In India the Motor Vehicles Act was passed in – 1939
- Compulsory TP Insurance introduced in India in – 1946
- Motor Vehicles 1939 Act replaced by – The Motor Vehicles Act 1988 and come into force from 1st July, 1989
MISCELLANEOUS
- Can Death Cover excluded in Group PA Policy? – Yes if a Group Life policy covering Death benefit for the same group of persons is in existence and a discount in the premium applicable to death cover is allowed from the total premium
- Raj Rajeshwari Mahila Kalyan Yojna cover – Women in the age group of 10 – 75 years
- Due to accident in case of un married woman under RRMKJ the compensation of Rs.25000/- payable to – Nominee or legal heir
- In case of married woman taken the policy and her husband dies due to accident then the compensation payable to – married woman only Rs.25000/-
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