GIPSA Promotion Exam: Daily One-liners (Part 7)

GIPSA Promotion Exam: Daily One-liners (Part 7)

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.’


  • 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)


  • 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/-


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.
GIPSA Daily One Liners Part 7 PDF

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