GIPSA Promotion Exam: Daily One-liners (9th January 2020)

GIPSA Promotion Exam: Daily One-liners (9th 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

  • Kutcha construction means – Building with wooden walls, thatched leaves and or grass etc and the premium rate is 4% additional rate to be charged
  • Only the risks with Sum Insured of 50.00Crores above rate able under sections IV,V,VI,VII of tariff attracts – Claims experience discount and loadings
  • Fire extinguishing appliances discounts – Hand Appliances/Fire engines 2.5%, Hand Appliances & Hydrant system 5%, HA & Sprinkler /Fixed water spray system 7.5%, HA+HS& Sprinklers/FWSS 10%

ENGINEERING

  • What is basis of sum insured in MBD policy – Current replacement value
  • Contractor Plant and Machinery can be covered under – CAR/EAR policies
  • Maximum Plant and machinery covered under CAR/EAR is 5% of the Sum Insured or maximum – Rs.25.00 Lakhs

MARINE INSURANCE

  • Marine Insurance Act, 1963 deals with – legal framework for transaction of Marine insurance for both cargo and hull & basic principles, basis of valuation under the policies, basis of settlement of losses etc
  • For export and import policies which clauses are used – Institute Cargo Clauses are used which were drafted by the Institute of London Underwriters
  • For inland transit – Inland Transit clauses are used designed by Tariff Advisory Committee
  • Should every Marine policy must be stamped – Yes in accordance with the provisions of Indian Stamp Act.

MOTOR INSURANCE

  • Section 149 deals with – Duty of Insurers to satisfy Judgements and defence available to the insurers
  • Section 150 deals with – Rights of third parties against Insurers on insolvency of the insured
  • Section 151 deals with – duty on a person who has incurred a liability to a third party to disclose all particulars of his insurance if demanded by the third party
  • Section 152 deals with – Settlement between Insurers and Insured persons that means no settlement made by the insurer in respect of third party liability is valid unless the third party concerned in a party to the settlement

MISCELLANEOUS

  • A limited Mediclaim policy was introduced in India in the year – 1981
  • The above cover was replaced as MEDICLAIM Policy in the year – 1986
  • The MEDICLAIM Scheme was modified in the year – 1996
  • A mini version of the Scheme “Jan Arogya Bima Policy” for the weaker sections of the society was also – introduced in the year 1996

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