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

• Join Telegram Group for GIPSA PE

Click to Buy GIPSA Promotion Complete Package