GIPSA Promotion Exam: Daily One-liners (Part 4)

GIPSA Promotion Exam: Daily One-liners (Part 4)

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

• Debris removal expenses clause covers loss – in excess of 1% and up to 10% of the total sum insured ( fire policy covers up to 1% only )
• Omission to insure clause only 5% of the sum insured to cover and the premium payable in advance is- premium at the inception of the policy on 5% of sum insured
• Earthquake deductible is – 5% of each and every claim subject to minimum of Rs.10000/-
• Reduction in sum insured under Declaration policy – is not allowed
• Refund of premium on adjustments under Declaration shall not exceed – 50% of the total premium
• The basis of value of declaration shall be the – Market value anterior to the loss
• Declaration shall not be issued to – Short period, Stocks undergoing process, Stocks at Railway Sidings

ENGINEERING

• Under EAR Policy “ cold testing” means – Testing of parts under “no load” condition
• Hot testing under EAR policy means – Testing of parts under full load conditions
• The force which causes the current to flow through circuit is known as – Electro- Magnetic Force(EMF)

MARINE INSURANCE

• Annual policy issued for 12 months covers – goods not for sale and which are in transit by rail/road from specified depots/processing units to other specified depots/p.units
• Warranty 3 provides that – claim under the Duty policy would be payable if the claim under the cargo policy is payable
• Duty Insurance is not valid – if effected after the arrival of the vessel at the destination port
• How many type of tunnels are there – 3 Types Bored tunnel means Constructed underground, Cut& Cover tunnel constructed from ground surface and Immersed Tube Tunnel on sea or river bed
• Hydro – Electric tunnels are exposed to – risks of Rockfall, land slip or flooding
• For Road construction what is the major hazard – Flash Flooding and water and frost damage to partially completed road surface are a source of danger
• Cost & Freight ( C&F) – under this contract responsibility to arrange insurance is on the buyer
• Cost, Insurance & Freight ( CIF ) – under this sale contract the seller is having responsibility to insure the goods. This policy is truly Warehouse to Warehouse .
• Trader will have a control on Insurance arrangements – BUY ON FOB BASIS and SELL ON CIF BASIS this way he will have control of insurance arrangements

MOTOR INSURANCE

• LMV – up to GVW 7500 KG, MMV – GVW 7500 kgs to 12000 kg and – HGV – GVW above 12000 kgs ( Gross Vehicle Weight )
• “Maxi cab” means – any motor vehicle constructed or adapted to carry more than six passengers, but not more than twelve passengers, excluding the driver, for hire or reward
• “Motor cab” means – any motor vehicle constructed or adapted to carry not more than six passengers, excluding the driver, for hire or reward
• Liability only policy covers – Third party Liability for bodily injury and/or death and property damage. Personal accident cover for Owner Driver is also included
• Under Motor Tariff Regulations GR 45 A says – the insured can take restricted cover for Fire and / or Theft risks if the vehicle may be laid up in garage and not in use
• Chapter VII – A and Chapter VIII of the Act provide for insurance of Motor Vehicles against – Third party risks

MISCELLANEOUS

• Basic cover with extended cover is – Rs.23/- per woman per year
• Group discount – is allowed as per number of persons covered under RRMKJ
• Long term discount – 2 years: 5%, 3 years:10%, 4 years: 15%, 5 years: 20% allowed
• The salient features of the revised market agreement for JPA Policy – effective from 1.11.1999
• Age group to be covered under JPA – 10 to 70 years only
• Under Gramin PA Insurance the Sum Insured is fixed at Rs.10000/- and the premium is – Rs.5/- only and age limits are 10 years to 70 years

GIPSA PROMOTION – ONE LINER PDF – PART-4

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