GIPSA Promotion Exam: Daily One-liners (Part 6)

GIPSA Promotion Exam: Daily One-liners (Part 6)

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

  • All India Fire Tariff Section I Deals with – General Rules and Regulations
  • All India Fire Tariff Section II Deals with – Standard Fire and Special Perils Policy
  • All India Fire Tariff Section III Deals with – Premiums rates for different classes of risk
  • 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

  • CPM Policy is an – Annual policy
  • Excess is not applicable is case of – Boiler & Pressure plant policy
  • Project can be covered – Surrounding property, TPL & Off site storage and fabrication
  • Project can not be covered – Debris of uninsured property
  • 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

  • Act of God – An event which no human foresight can prevent e.g. Earthquake
  • Accident – An unforeseen, accidental and unpremeditated event which leads to damage, injury or death
  • Accumulation – Two or more risks in close proximity increasing the level of Maximum Possible Loss
  • Adjoining – Two or more risks close together with likely hood of communication
  • 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

  • In Clause ( 1 ) b ( i ) the expression including, owner of the goods or his authorized representative carried in the vehicle is added – in section 147 of New Act.
  • Provision ( ii ) of Clause ( 1 ) ( b ) of section 95 – of the Old Act is deleted in the NEW Act
  • Clause 2 ( a ) of old section 95 is substituted by the expression “Save as provided in clause ( b ), the amount of liability incurred”. In effect the – Limitation of liability based upon the class of vehicle under the 1939 Act is removed in the new act
  • 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

  • Age Limits for PA Cover – 5 years to 70 years
  • If it is a renewal policy and the age is above 70 years – the policy should be renewed up to 80 years of age at a loading of 5% of the renewal premium
  • If a person wants PA Cover above age of 70 years afresh then – the premium will be loaded 10% of annual premium
  • 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

ONE LINER PDF – PART-6 – GIPSA PROMOTION

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

GIPSA Promotion exam 2021

Click to Buy GIPSA Promotion Complete Package 

GIPSA Promotion Exam MAHACOMBO : Complete Video Course & Mock Tests for GIPSA Officer Scale 1 to 5 (6 Subjects)

  • 50+ Hours Chapter Wise Video Classes for All 6 Subjects including Fire & Engineering , Marine & Aviation , Reinsurance, Motor, HRM, Miscellaneous
  • 4000+ MCQ Based Questions in Online Mock Tests Include 6 Subjects.
Click Here
GIPSA Officer Scale 1 to 5 COMBO Mock Test Click Here
Complete Video Course for GIPSA Officer Scale 1 to 5 Click Here

Leave a Reply