GIPSA Promotion Exam: Daily One-liners (Part 10)

GIPSA Promotion Exam: Daily One-liners (Part 10)

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

• Under fire policy condition 5 is – cancellation of policy
• Under fire policy condition 6 provides – Notification of loss
• Under fire policy condition 7 provides – Rights of Insurers on the happening of loss
• As per condition no 8 – the benefits will be forfeited if claim is fraudulent, false declaration, willful act of insured
• The insured does not have any right to – abandon damaged property whether the insurer takes possession or not
• Reinstate or Replacement condition can be revoked by the insurance company in a situation of – Insured is claiming a highly exaggerated amount of loss
• What is Arbitration – Arbitration is a private method of dispute resolution and is faster and cheaper than the process of litigation
• Dispute in regard to claim can be referred to Arbitration as per – Arbitration and Conciliation Act, 1996

ENGINEERING

• Time excess under MLOP policy is – Seven days ( 7 days )
• Classified group of machinery available under CPM Policy – Five
• Policy premium is to be paid in EAR/CAR from – First consignment arrived at site
• If MCE policy is 18 months if the project is completed prior to declared date of completion then – refund of premium can be given if there is no claim
• A CAR policy can be issued where civil works are more than – 50%
• Deterioration of Stock policy is a – Consequential loss cover granted in the Engineering Department for stocks contained in large cold storages
• Claim under Deterioration of Stock Policy is admissible if – claim under MBD admissible
• How many types of policies are there under Deterioration of stock – two types
• Deterioration of Stock policies are – a) covers fish, prawn, frog legs & other sea food, fruits, cheese, provisions, dairy products etc b) Contents of Potato cold storage

MARINE INSURANCE

• From Insurer’s point of view – A CIF Contract is preferable because the seller assigns it to the buyer
• Ex – Works means – Seller sells their goods from his premises and it is the responsibility of the buyer to take delivery at that point
• Free Carrier ( F.C.A.) – the seller delivers the goods to a carrier to be named by the buyer at a place also to be notified by the buyer. The goods are at risk of seller till such delivery and the risk thereafter is transferred to buyer including all further costs
• F.A.S ( Free Alongside Ship ) – The seller undertakes to place the goods on the quay alongside the ship up to which point they remain at his risk
• C.P.T. ( Carriage paid to ) – The sellers bear the cost of carriage up to a named point. Position regarding risk is under C&F terms
• C.I.P. Means – Carriage and Insurance paid

MOTOR INSURANCE

• Motor Vehicle Act , 1939 , but provisions of the chapter VIII were brought into force from 1.7.1946 and those of Chapter VII – A were effective from 1.10.1982
• The Motor Vehicles Act, 1988 ( Act No.59 of 1988 ) replaced the – earlier 1939 Act and become effective from 1.7.1989
• Chapter X of the MV Act, 1988 Sections 140 to 144 deals with – “Liability without Fault in Certain cases” (1939 Act VII-A SEC 92A to 92E )
• Chapter XI of the New Act, Sections 145 to 164 deal with – “Insurance of Motor Vehicles against

Third party risks”

1. “property” includes roads, bridges, culverts, causeways, trees, posts, milestones and baggage of passengers and goods carried in any motor vehicle; (2019)
2. “reciprocating country” means any such country as may on the basis of reciprocity be notified by the Central Government in the Official Gazette to be a reciprocating country for the purposes of this Act; (2019)
3. “third party” includes the Government, the driver and any other co-worker on a transport vehicle. (2019)

• Chapter XII sections 165 to 176 of the New Act deal with – “Claims Tribunals”

MISCELLANEOUS

• Additional benefits at no extra premium are – Carriage of Dead Body, Education Fund
• Expenses incurred for carriage of Dead Body of insured to place of residence are reimbursed subject to – 2% of CSI or Rs.2500/- whichever is less

In the event of Death or PTD of the Insured person, the policy provides Education fund as follows:

A)If the insured person has one dependent child below the age of 25 years, 10% of the CSI subject to maximum of Rs.5000/-

B)If the insured person has more than 1 dependent child below 25 years, 10% of the CSI subject to maximum of Rs.1000/-

C)Cumulative Bonus should not taken in to CSI, if there are any existing policies all together the maximum is 5000/- and 10000/- respectively

• Compensation payable for Death, Loss of Limbs or sight and PTD arising out of accidental injuries under PA Policy the Cumulative Bonus shall be increased by 5% of the CSI in respect of each completed year – but total Cumulative Bonus shall not exceed 50% of the CSI

HRM CDA Rule

Rule 20 : Suspension: Appropriate Authority may place an employee under suspension –

• Where disciplinary proceeding is contemplated or is pending against him.
• Where a criminal offence case against him is under investigation.
• Where an employee is detained in custody on a criminal charge or otherwise in excess of 48hours shall be deemed to have been under suspension from the date of detention.
• Where a penalty of dismissal, removal or compulsory retirement (CR) from service imposed upon an employee under suspension is set aside on appeal or review under these rules and the case remitted for further inquiry or action or any other direction. The suspension shall from the date of original order of dismissal, removal, CR and shall remain in force until further orders.
• A penalty stated above is rendered void by a decision of court and the competent authority decides to hold further inquiry the employee shall be deemed to have been placed under suspension by the Appellate Authority from the date of penalty.
• Suspension may be revoked by the authority who has made the order or by a higher authority.

GIPSA Daily One liners Part 10 PDF

Click here to Fill the Details if you want Counselling from GIPSA Study Materials

• Join Telegram Group for GIPSA PE

Click to Buy GIPSA Promotion Complete Package