GIPSA Promotion Exam: Daily One-liners (Part 7)
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.’
- Rent for Alternate Accommodation insured – non manufacturing premises only and it is compulsory for owner-occupant to insure both buildings and contents
- Rent for Alternate accommodation – the tenant wants he has to insure contents of the premises for which this extension is sought
- Provisional premium rate which the risk not available in tariff is – 2.50%
- Floater extra is – premium + 10% loading
- Floater extra is not chargeable – if stocks situated within godowns/process blocks in the same compound
- Minimum sum insured for Fire Declaration Policy – 1.00 Crore in one or more locations and Rs.25.00 Lakhs at least in one location
- EAR Policy covers – Erection of electrical plant and machinery and equipment and structures
- Very little civil works involved in – EAR Policy
- EAR Policy expires on – after first test operation or test loading is concluded ( which ever is earlier ) but in no case beyond four weeks from the day on which, after completion of erection a trial running is made or readiness of work is declared
- Under EEP Policy Increased cost of working excess is in terms of – days i.e. 4 days ( 96 hours ), 7 days ( 168 hours )
- Whether Personal expenses & transportation of materials is payable under EEP policy – Yes if Separate sum insured is declared for the same
- To allow installment premium the period of policy under CAR/EAR should be more than – 12 months
- The last installment premium to be paid by insured is before – 6 months of the policy expiry period
- How many type of Excess are there in Long term project policies – Four (4)
MARINE/ AVIATION INSURANCE
- Basis of Valuation under Open Cover – CIF + 10%
- Basis of Valuation under Open Policy – Invoice cost of goods, the freight for which the insured is liable, the cost of insurance + 10%
- Notice time for cancellation for Open Policy is – 30 days either side
- A ‘Clause Paramount’ can only be removed from the policy by physical deletion; other wise – it overrides all other wording, notwithstanding the rules of interpretation
- When Increased value Insurance policy be taken – if the market value of the goods at destination port on the date of landing is higher than the CIF and Duty value of the cargo
- Duty Insurance & Increased Value Insurance issued only – on imports
- TAC has formulated package policies to cover transit risks as well as storage risks incidental to transit for – Tea, coffee, cardamom and rubber
- Section IV of the policy deals with – General conditions
- Section V deals with – Cancellation revision and Automatic termination
- In the event of Total Loss of the vehicle, insurers pay the Insureds Declared value of the vehicle as defined – in GR 8 of the Revised Motor Tariff
- Agreed value policies are prohibited by the Tariff except for – Vintage Cars as defined in GR 5
- Subrogation is modified by Agreements between Insurers – ex: Knock for Knock Agreement
- Contribution arises when there is a – Double Insurance
- The contribution condition is specially worded in private car policies because the owner is also covered for Third Party Liability while – driving cars not belonging to him
- “Motor Vehicle” is defined in Section 2(28) of the M.V.Act, 1988 as – any mechanically propelled vehicle adapted for use upon roads whether the power of propulsion is transmitted thereto from an external source and includes a chassis to which a body has not been attached and a trailer
- Vehicle running upon fixed rails or an vehicle of a special type adapted for use only in a factory or in any other enclosed premises or a vehicle having less than four wheels fitted with engine capacity of not exceeding 25 cc – is not come under “Motor Vehicle” definition
- Once a claim is settled under of the sub-clauses referred to above the policy becomes – inoperative
- Death or injury caused due to – Venereal Diseases or Insanity are not payable
- If the Assignment made in the policy itself no stamp duty is payable , however effected on separate paper, it attracts – a stamp duty of Rs.15/-
HRM CDA Rule
Rule 4: Misconduct:
- Theft, fraud or dishonesty with the business or property of corpn.
- Taking or giving bribes or any illegal gratification.
- Possession of assets Disproportionate to his income or on his behalf by some other person.
- Furnishing of false name, age, father’s name, qualifications, previous experience germane to the employment or during the course of employment.
- Acting in a manner prejudicial to the interest of the Corporation/Company.
- Willful insubordination or disobedience of any lawful/reasonable order of superior.
- Absence without leave or over-staying of sanctioned leave in excess of 4 consecutive days.
- Habitual late coming or irregular attendance.
- Neglect/negligence in performance of duty, malingering or slowing down of work.
- Damage to property of the company.
- Tampering with safety devices in the co.,
- Drunkenness/riotous/disorderly behaviour within/outside premises connected to job.
- Gambling within premises.
- Unauthorised collection of money in the co.,
- Sleeping while on duty.
- Criminal offence amounting to moral turpitude.
- Absence from place of work without permission.
- Smoking in the co premises.
- Purchasing/Selling of properties from/to the co., without express permission.
- Commission of any act subversive of discipline
- Abetment to misconduct.
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