GIPSA Promotion Exam: Daily One-liners (8th 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
- 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
- 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
MARINE/AVIATION INSURANCE
- 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
- 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
- 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
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