GIPSA Promotion Exam: Daily One-liners (8th February 2020)

GIPSA Promotion Exam: Daily One-liners (8th 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

  • IAR Covers – Fire & special perils, Burglary, MBD/Boiler Explosion/Electronic Equipment(Material Damage), Business interruption ( Fire& allied perils ), Business Interruption( MBD – This is an optional cover )
  • Under Agreed Bank Clause the claim is payable to the bank whose receipt shall be a – complete discharge and binding on all parties insured
  • Consequential loss policy covers – Loss of profits and it is called as Business Interruption policy also
  • Forest fire covers – Loss due to burning , whether accidental or otherwise, of forest, jungles and clearing of lands by fire
  • Loss due to the impact of insured own vehicles covers by the fire policy – No if insured takes an ADD ON cover of Impact damage due to insured own vehicles then only it is covered
  • If the building collapses not due to insured perils the policy ceases automatically – after 7 days from the date of such collapse

ENGINEERING

  • What is the meaning of Boiler – means any fired closed vessel or a combined container piping system in which steam is generated under pressure
  • What is the meaning of Pressure Plant – means any un fired closed container under steam, gas, or fluid pressure
  • Fuel Gas explosion means -explosion of ignited gases
  • Boiler should be operated by – Attendant holding valid certificate issued under Appropriate Boiler Act
  • In MLOP policy does insured to insured all the machinery – No it is not required and he selectively insure the important machines ( In LOP under Fire it is different )
  • Time exclusion under MLOP – Explosive, Petro, Power plants – 14 days, Fertilizer plants -14 days, Others – 7 days

MARINE/ AVIATION INSURANCE

  • Comprehensive clause generally is used to extend the cover afforded by ICC(B) when required contains – “including the risks of theft, pilferage and/or non-delivery, fresh water and rain water damage, hooks, oils, mud, acid and other extraneous substances or heating and sweating and damage by other cargo”
  • “Excluding Shortage” from sound bags/packages unless shortage is caused by an insured peril” – this clause is generally used with bagged cargo in order to eliminate ordinary or inevitable loss
  • Institute Replacement Clause is generally used – whenever machinery, plant or equipment is required to be insured. This clause limits any claim for loss or damage to part or parts of the insured machine
  • How the above policy operates – it is an Annual Policy and the insured has to declare the total value and as per that the premium will be adjusted.
  • Package policy for Exporters can be issued to – exporters who have been granted an Advance License under the Duty Exemption Scheme by the Government Of India
  • How many sections are there in Package Policy for Exporters – Three sections one is Inward transit from Air/Sea/Road to warehouse. Section 2 covers Storage cum Processing and Section 3 covers Outward transit by Air/Sea/Road/Rail but Under section 2 the sum insured shall not be less than 20% of the sum insured under section 3 of the policy

MOTOR INSURANCE

  • Application of this discount will require attachment of – Endorsement IMT– 8
  • Private cars certified by the Vintage and Classic Car Club of India as Vintage Cars will be – eligible for 25% discount on Own damage premium
  • Vehicles ( other than those covered under Motor Trade Policies ) fitted with anti-theft devices approved by Automobile Research Association of India ( ARAI), Pune eligible for–   2.5% discount on the OD portion subject to maximum of Rs.500/-
  • The above to be certified by any of the Automobile Association mentioned in–          GR 28
  • Vehicles laid up in garage and not in use for a period of not less than – two consecutive months eligible for rebate
  • The rebate of premium shall be adjusted at the time of renewal of the policy and the – refund by way of cash even if the policy is not renewed with the same insurer not allowed

MISCELLANEOUS

  • All companies dealing in hazardous goods have to take a Public Liability policy as per the – Public Liability Insurance Act, 1991
  • As per the Public liability act policy the compensation in case of an accident is – Structured Compensation
  • Equal amount of premium collected under the PLI Act Policy goes to – Environment Relief Fund
  • Claim settling authority in case of claims under PLI Act Policy is– District Magistrate / Collector
  • Claims under PLI Policy are in the nature of – Legal Liability
  • Under Public Liability Industrial Risks Policy pollution risk is –to be covered as an ADD ON Cover
  • Premium rating for PLI Depends upon – Turnover, Limit of Indemnity, Number of Units covered, Risk group

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