GIPSA Promotion Exam: Daily One-liners (Part 16)

GIPSA Promotion Exam: Daily One-liners (Part 16)

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

  • What are the conditions of sale of salvage by tender system – 1. salvage is on “ as is, where is” basis 2. The Deposit forfeiture clause
  • The deposit forfeiture clause means – if the bidder does not take after tender the seller can forfeit the deposit of the bidder as per this clause
  • As per condition no 7 – wider powers are reserved for insurers like the insurer enter and take possession of the building etc after claim
  • Which condition protects the insurer against inordinate delay on the part of the insured in substantiating the claims – Condition no.6
  • In fire insurance the insured has no right to – abandon the property to the insurers whether taken possession of by the insurers or not ( condition no.7 )
  • The 15 conditions of the fire policy classified into – Condition precedent to the contract, Condition subsequent to the contract and Condition precedent of liability ( 3 types )
  • Warranty – is an undertaking by the insured
  • The purpose of warranty is – to ensure that the risk remains the same as it was at the time of commencement of risk
  • A warranty is a condition which – forms part of contract
  • If breach of warranty is technical nature then the claim will be payable – on Non standard basis
  • Ex-gratia settlement means – where the loss is outside the scope of the policy or doubtful because it is a borderline case
  • Subrogation rights not applicable to – ex gratia payments
  • Ex-gratia payments should be approved by Board of directors and not recoverable from- Re insurers

ENGINEERING

  • Under MCE Policy cover starts from – the moment the equipment leave the manufacturers warehouse ( import or within the country )
  • In MCE Policy Marine risks covers – All risks as per Institute cargo clauses ( A )
  • CPM Policy cover is – operative whilst the equipment is at work or at rest or lying at contractors own premises
  • Terrorism cover automatically include under – CPM Policy
  • Sum Insured under CECR Policy is – must be insured at replacement value
  • Basis of Indemnity under CECR Policy is – only the repair costs are indemnifying, in the case of partial losses, there is no deduction new for old
  • The period of policy under CECR – not more than one year
  • Cold Testing is called as – Functional Testing also
  • Cold Testing means – Checking of component parts of an insured item by mechanical, electrical , hydrostatic under “dry run” conditions which do not necessitate the firing of furnaces
  • Testing or Operational & commissioning test means – checking of component parts of an insured item under load or operational conditions
  • Traveling JIB Cranes – normally travel on standard gauge railway tracks

MARINE INSURANCE

  • For FPA ( Free of Particular Average ) COVER INCLUDING Jettison and washing overboard the rate should be – 3 times the under deck ICC ( C ) rate is charged
  • When the terms of sale are FOB the insurance is arranged by – the Buyer
  • Risk under FOB ( buyers policy) commences on loading of the cargo on the overseas vessel – because it is at that juncture of transit that the risk passes from the seller to the b uyer
  • What is Short Cut Cargo – it relates to goods which arrives too late for a vessel at a loading port or else the goods are not loaded because the vessel has a full cargo load
  • BUILLION means – Raw gold or silver in lump
  • SPECIE means – metal in the form of minted pieces
  • Mechanized Sailing Vessel means – as a vessel registered with Government Authority as having auxiliary engines
  • The difference between ICC(B) and Institute Coal clauses is – it extends Fire and Explosion cover to include heating even when caused by spontaneous combustion and inherent vice
  • Institute Jute clauses is similar to Institute Commodity Trade clauses (B) with the difference – Earthquake, Volcanic eruption and lightning are not covered and the cover is attached when jute is boarded on vessel and the time limit 60 days after discharge at the port is reduced to 30 days in Jute Clauses
  • Institute Natural Rubber Clauses is similar to Institute Commodity Trade Clauses (B) with the difference – In ICTC(B) loss or damage to rubber due to water from any source or by hooks, spilling or leakage of any substance or liquid, other cargo or moisture from wet or damp also covered. In addition to that this clause covers theft, pilferage and non-delivery
  • Institute Bulk Oil Clauses covers – as per ICC(B) and Leakage of oil from connecting pipelines in loading, transshipment or discharge and negligence of master, officers and crew in pumping cargo and contamination due to stress of weather is covered
  • Trade clauses except Institute Bulk Oil Clauses and Timber Trade Federation clauses – are not commonly used in India

MOTOR INSURANCE

  • HIT and RUN accidents dealt by – Sections 161, 162 & 163 of MV Act, 1988
  1. 161 in respect of the death of any person resulting from a hit and run motor accident, a fixed sum of (200000/-) two lakh rupees or such higher amount as may be prescribed by the Central Government; (b) in respect of grievous hurt to any person resulting from a hit and run motor accident, a fixed sum of (50000/-) fifty thousand rupees or such higher amount as may be prescribed by the Central Government
  2. 162 Golden Hour (means the time period lasting one hour following a traumatic injury during which there is highest likelihood of preventing death by providing prompt medical care)
  3. (1) the owner of the motor vehicle or the authorised insurer shall be liable to pay in the case of death or grievous hurt due to any accident arising out of the use of motor vehicle, a compensation, of a sum of (500000/-) five lakh rupees in case of death or of (250000/-) two and a half lakh rupees in case of grievous hurt to the legal heirs or the victim, as the case may be.
  4. 164B. (1) The Central Government shall constitute a Fund to be called the Motor Vehicle Accident Fund
  • Grievous Hurt means – Permanent privation of the sight of one eye, Permanent privation of the hearing of either ear, Privation of any member or joint, Permanent disfigurement of the head or face, facture or dislocation of an bone or tooth
  • Solatium Fund established by the Central Government with effect from – 1st October, 1982
  • When a person is entitled to claim compensation under section 140 and section 163(a), he shall file the claim under either of the said sections – and not under both
  • Risks covered under section 1 of Private car & Two wheeler policies under package policy are –
  1. Fire explosion self ignition or lightning
  2. By burglary housebreaking or theft
  3. By riot and strike
  4. Earthquake v. flood, typhoon, hurricane, storm, tempest, inundtion , cyclone, hailstorm and frost
  5. accidental external means
  6. Malicious act
  7. Terrorism
  8. Whilst in transit by road rial in-land waterway lift or elevator or air
  9. landslide and rockslide
  • Depreciation for Private cars & Two wheelers – Rubber/nylon/plastic parts, tyros and tubes, batteries and air bags – 50%, for fibre glass components 30%
  • No depreciation on – Parts made of Glass
  • Exclusions under Private car & Two Wheeler policy –
  1. Consequential loss, dcepreciation, mechanical or electrical breakdown, failures or breakages
  2. Damage to tyros and tubes unless the vehicle is damaged in accident and 50% only is payable
  3. intoxicating liquor or drugs of the driver at the time of accident
  • Under Private car policy Protection and Removal costs are – Rs.1500/- in respect of any one accident (Protection and removal to the nearest repairer and redelivery to the insured )
  • Under Two wheeler policy Protection and Removal costs are – Rs.300/- in respect of any one accident (Protection and removal to the nearest repairer and redelivery to the insured )
  • Up to what amount of claim the insured has right to go for repair without permission of the insurer – for private cars Rs.500/- and for two wheelers Rs.15/-
  • IDV value is deemed to be taken as – Sum Insured in Private car policy
  • IDV of vehicle beyond 5 years – to be agreed between insured and insurer
  • If loss or damage cost exceeds 75% then – the loss is treated as CTL
  • Under Two Wheeler loss to accessories by burglary, housebreaking or theft covered only when the vehicle is also stolen at the same time but in Private car – this point is silent
  • But under private car accessories are covered under the burglary if they are – on the motor car at the time of loss
  • Whether Taximeter considered as accessories of taxicab – Yes
  • Accessories are those parts which are directly – supplied by the manufacturers along with the vehicle and are not essential for the running of the vehicle
  • Extra fittings” such as Radios, tape recorders air conditioners are covered – by paying extra premium

MISCELLANEOUS

  • Bhagyashree Child Welfare Policy is applicable to girl children in the age group of – 0-18 years and whose parents does not exceed 60 years
  • Bhagyashree Policy intention is – to provide insurance cover to ONE Girl child in a family who loses either the father or the mother due to accidental death
  • Coverage under Bagyashsree policy is – in case of death of either or both parents due to accident the company shall deposit a sum of Rs.25000/- in the name of the girl child mentioned in the policy and with a financial institution named in the policy
  • The Financial Institution shall make disbursements as follows –1-5 years Rs.1200/- payable to Surviving parent or guardian for looking after the needs of that child, 6-11 years 1200 per annum payable if the child is admitted in a school and expenditure incurred on the education, 12-17 yeas 2400/- per annum as above ,18 years balance amount to the credit of the girl child payable to the girl child
  • All Risks policy issued – on named exclusions basis
  • Under Travellers Baggage policy exclusions are – Routine Travel, Article added during the course of the journey, All other exclusions as per ALL RISKS policy
  • Sections of Jewellers Block Insurance – Section I: Premises risks, Section II: Custody Risk outside premises, Section III: Transit Risks, Section IV: FFF & Safes
  • Stock under custody in excess of Rs.2.00 Lakhs should be secured in – locked safe after business hours – Section II
  • Sum Insured under Section II should not exceed Section I Sum insured – under Jewellers Block
  • Under Jewellers Block condition of Average applicable to – Section I & Section IV

HRM CDA Rule

AMENDED SCHEDULE OF AUTHORITIES

SL.No. Category of the Employee Appointing Authority Disciplinary Authority Appellate Authority
1 GM/Dy.General Manager Chariman Chairman Company
2 Regional/Chief Manager/Manager General Manager General Manager CMD
3 Dy.Managers/Asst.Managers/Admn. Officers DGM DGM GM
4 Dev Officers/Sr.Asstt., & Equivalent cadres Chief Manager/ Regional Manager Manager DGM
5 Asstts/RCs Manager Dy.Manager Chief Manager/Regional Manager
6 Subordinate Staff Manager Asstt.,Manager -do-

 

Note :

  • Immediate Superior Officer can impose a penalty of censure under rule 23(a), and the appellate authority is one step higher.
  • The penalty of removal from service and dismissal shall not be imposed by an authority lower than the Appointing Authority.

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