GIPSA Promotion Exam: Daily One-liners (6th February 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
- A formula is incorporated in the LOP Policy to calculate the loss is known as – Specification
- Where the undertaking provides a service as in case of private nursing homes, hotels etc the policy can be called (LOP) as – Revenue policy
- Gross fee Policy is available for – Professional persons such as Solicitors, CA’s and this policy provides Cover for gross fees, additional expenditure and legal and clerical charges for replacement of documents, books of accounts etc
- Fire means –or ought not to be on Actual ignition or burning, of property which is not, fire, under accidental or fortuitous circumstances, so far as the insured is concerned
- What is ignition – presence of flames is a pre-requisite for ignition
- Goods legally purchased by the insured and insurance taken but smuggled to India and claim reported whether it is payable or not? – English case Geisman Vs Sun Alliance and London Insurance ltd 1977 it was held that the claim is not payable because goods held illegally
ENGINEERING
- Time exclusion means – indemnity period commences after the expiry of the time exclusion immediately after the occurrence of the accident( there is no time exclusion in Fire LOP except under extension of failure of public electric supply, if taken )
- Can Expenses of Gardening pertaining to factory and staff quarters can take in standing charges in MLOP – Yes
- Can insured selectively choose Standing charges for insurance under MLOP – Yes
- In MLOP Sum Insured is – Net profit + Standing charges = Gross profit
- If actual Gross profit turns out to be lower the insured gets – refund of premium upto 50% of the premium originally paid
- Loss assessment of MLOP provided in – Policy schedule itself
MARINE/ AVIATION INSURANCE
- What ‘Process clause’ says – which states that when the subject matter is undergoing any process, no claim will attach for loss or damage except by fire, burglary and theft
- The valuation for all Marine risks is CIF + 10% but for Rejection risks – it is CIF value only
- Special covers for Tea, Coffee, Cardamom and Rubber for tea the coverage is – from the time the green leaves plucked at the garden, and continues whilst being carried to, and stored and processed, at the factory, and further continues whilst in transit until solt at the Auction centre in India
- The total period of storage in the above does not exceed – at various locations cannot exceed 120 days
- Special cover for Tea, Coffee, Cardamom and Rubber are equal to All Risks policy but some exclusions are – for TEA policy loss or damage due to defect in the manufacturing process and for CARDAMOM policy excludes loss or damage due to vermin, insects, natural etc and SRCC risks can be covered at additional premium
- LOSS OF LICENCE INSURANCE Covers – in the event of the person insured during the period of Insurance suffering any bodily injury whatsoever or suffering any illness whatsoever resulting at any time whether during or after the period of insurance ( but not beyond the period of 5 years after the expiry of the policy ) compensation will be paid
MOTOR INSURANCE
- Commercial vehicle insured is authorised for repairs – not exceeding Rs.500/-
- Legal liability towards person carried in the vehicle is excluded, however as required by the Motor Vehicles Act legal liability towards – fare paying passengers and persons carried by virtue of an contract of employment is covered
- The employee need not be with the insured employee but – he may be carrying in pursuance of a contract of employment with the owner of the goods
- As per RULE 129-A – Six months from the date of commencement of Central Motor Vehicle, every goods carriage carrying goods of dangerous or hazardous nature to human life –shall be fitted with a SPARK ARRESTER
- IZ-300-301 – Goods carrying vehicle
- IZ-400 – Passenger Carrying Vehicle
MISCELLANEOUS
- Burglary policy does not cover – Ordinary Theft risk
- Burglary ( private dwellings ) insurance policy covers – Theft risk also in addition to burglary and housebreaking
- All Risks Insurance Policy in Burglary is covered –Loss or damage due to Fire or Burglary or theft or any other accidental or fortuitous circumstance and contains the single article limit and pair or set clause
- Baggage Insurance Policy covers – accompanied personal baggage of the insured or member of his family, so lost or destroyed by Fire, Riot and Strike, Terrorist activity, Theft or Accident, whilst the insured is traveling on tour and/or on holiday, in all places and situations during the period of insurance and within the limits stated in the policy
- If insured lost Umberalla, Consumable and perishable goods or leakage or spilling of liquids oils covered by Baggage policy – No all are exclusions
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