GIPSA Promotion Exam: Daily One-liners (Part 5)

GIPSA Promotion Exam: Daily One-liners (Part 5)

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

• Fire tariff section III deals with – Rates of Dwellings, office premises,shops etc
• Fire tariff section IV deals with – Industrial / Manufacturing risks
• Fire tariff section V deals with – Utilities located outside the industrial/manufacturing risks ex: boiler house, pipelines, pump house, water treatment plant etc
• Fire tariff section VI deals with – Storage risks outside the compound of industrial/manufacturing risks
• Fire tariff section VII deals with – Tank farms/Gas holders outside the compound of industrial/manufacturing risks which are used for storages of liquid gases, liquids etc
• Riot, Strike, Malicious and Terrorism Damage cover under standard fire and Special Perils policy ( MD) is renamed as – RSMD cover and excluded Terrorism damage from 1.4.2002
• Impact damage does not cover – loss or damage due to insured own vehicles or their employees while acting in course of their employment
• Subsidence and landslide does not cover – Coastal or River Erosion
• Bush fire does not cover – loss due to Forest fire

ENGINEERING

• Electronic Equipment Policy can be issued to – Owner, lessor or hirer depending upon the responsibility or liability in each case
• How many sections are there in EEP policy – 3 Sections
• EEP Policy covers – section 1- Equipment, Section 2 -External Data Media & section- 3 Increased cost of working
• Whether MCE policy covers Incidental Storage – Yes
• Can War& SRCC cover can be given in MCE Policy – Yes if ocean transit involves , but for Inland transit War Risk not covered
• MBD Policy covers – Boilers, Electrical, Mechanical and lifting equipment.
• MBD is an – All risks policy

MARINE INSURANCE

• D.A.F. ( Delivery at Front ) – the seller undertakes to deliver the goods at a named place at point at the frontier ( i.e. At the border between two nations )
• D.E.S. ( Delivery Ex Ship ) – The seller undertakes to arrange shipment up to the destination port and bears costs and as well as risk up to that point
• D.E.Q ( Delivery Ex Quay ) – The position is as above except that instead of on board the goods are placed in the quay
• Stevedores – are contractors appointed by shipping companies for loading and discharging cargoes
• The sales in India is governed by – Sales of Goods Act, 1924
• International chamber of commerce have prepared a Brochure attaching to various sales terms – which in terms called INCO terms and are commonly applied internationally
• The above policy coverage – War and allied perils, SRCC, Political or Terrorist activity, Any malicious act, Confiscation, nationalization, seizure , Hi-jacking or any unlawful seizure and further more this policy covers claims excluded from the Hull “ALL RISKS” policy
• Section II of the above Policy Covers – 90% of any payment properly made in respect of ( a ) threats against any Aircraft or its passengers or crew made during the currency of the policy ( b) extra expenses necessarily incurred following confiscation, hi-jacking

MOTOR INSURANCE

• The first Motor Car was introduced in to England in the year – 1894
• The Motor Policy was issued in – 1895 to cover Third Party Liabilities
• Comprehensive Motor Policy issued in – 1899
• Car and General Insurance Corporation Limited established in – 1903
• Compulsory TP insurance acts are – Road Traffic Acts 1930 & 1934
• The above two acts are consolidated by – Road Traffic Act, 1960
• In India the Motor Vehicles Act was passed in – 1939
• Compulsory TP Insurance introduced in India in – 1946
• Motor Vehicles 1939 Act replaced by – The Motor Vehicles Act 1988 and come into force from 1st July, 1989
• Under Section 146 of the M.V. Act, 1988 no person shall allow any other person to use a vehicle in a – public place unless the vehicle is covered by insurance

MISCELLANEOUS

• The members of the society has automatically covered and the risk commences from – one month after becoming the member and below the age of 70 years can join this society
• Total amount payable under the above policy is – Rs.50000/- towards diagnosis, biopsy, surgery etc
• Who will be covered – Insured and his spouse also covered
• In case of Discontinuation of studies – the entire amount will be paid as a lumpsum to the girl child on completion of 18 years of age
• Premium for Bhagyasree policy – Rs.15/-
• GICAMC means – GIC Asset Management Company Limited who is the Financial Institution and take care about Bhagyashree policy payments

HRM CDA Rule

• Rule 1: These rules are applicable to all persons appointed to any post under GIC or subsidiary companies except Class I officers of Central/State services on deputation and those in casual employment or paid from contingencies.
• Rule 2: Definitions: – Act means GI Business Nationalisation Act-1972. Family – Employee, spouse, wholly dependant– children, relatives by blood or marriage.
• Rule 3:-Duties :  I)Absolute integrity, ii) Devotion to duty, iii) do nothing unbecoming of a public servant. iv) Shall conform to and abide by the rules, obey the orders of his superior in course of official duties.

1. Every employee holding a supervisory post – to ensure integrity of employees under his control.
2. Every employee while exercising powers act in best judgement or while acting under the direction of his superior shall obtain a direction in writing, wherever practicable. In this process no employee shall evade his/her responsibility where such approval is unnecessary under distribution of powers and responsibilities.

GIPSA PROMOTION – ONE LINER PDF – PART-5

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