GIPSA Promotion Exam: Daily One-liners (Part 8)

GIPSA Promotion Exam: Daily One-liners (Part 8)

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

• Computation of rate – Basic rate + 5% Reduction for Sprinklers – Reduction in rates for deletion of STFI/RSMD opted out + Tariff for Kutcha +/- Discount or loading for claims experience – Discount for FEA – Discount for Voluntary Deductible on final rate
• Voluntary discounts available on standard fire policy and – on add on covers also
• Escalation clause is applicable for – Buildings and Machinery only
• Upto what % Escalation clause allows automatically in sum insured – up to 25% only
• Can the work or Reinstatement carried out another site – yes
• Can reinstatement of policies issued to cover stocks – No
• Local Authorities clause is an extension of – Reinstatement value policy
• Industrial All risks policy designed for – it is a package cover designed for industrial policies ( both manufacturing and storage facilities )with overall S.I. Rs.100.00Crores and above

ENGINEERING

• Loss or damage due to total or partial immersion in tidal water under CPM – not covered by the policy
• In Boiler Insurance – Explosion or Collapse arising in the course of ordinary working only is covered
• Liability towards employees death arising out of and in course of employment – excluded under Boiler Insurance policy
• Can premium adjustment made in Construction phase policies – Yes it can be refunded as per the sum insured adjustment depends upon the cost of construction at the end of the policy period
• Under claim settlement cost of alterations, additions and or improvement are covered – no not covered
• Can Contractor Plant and Machinery treated as Surrounding property – No Insured has to take separate policy for CPM

MARINE/ AVIATION INSURANCE

• Limit per Bottom or per conveyance means – shipment declared under open cover should not exceed the stipulated amount
• Basis of valuation – Prime cost of goods+ freight and other charges incidental to shipment + cost of Insurance+10% to cover profits
• Location clause – limits the liability of the insurers at any one time or place before shipment
• Limit is as per the Per bottom in Location clause but some times it may be agreed to an amount – up to 200%
• Adjacent – Two or more risks next to each other which may or may not communicate
• Average – In insurance terms, Average is applied at a time of loss, when the insured value is less than the actual value of property insured. The client carries a part of the claim in proportion to the amount of under-insurance
• Avoidance – The right of an underwriter, in the event of a breach of good faith or delay in commencement of an insured voyage, to step aside from the insurance contract and to treat it as though he never accepted the risk
• Betterment – Improvement in subject matter’s condition after repair
• Burning cost – A loss ratio determined from the statistics of a number of preceding years in order to assess the premium to be charged to the reinsured in connection with excess of loss reinsurance

MOTOR INSURANCE

Private Car means –

1. Private car type vehicles used for social, domestic and pleasure purposes and also for professional purposes
2. motorized three wheeled vehicles ( including motorized rickshaws / cabin body scooters used for private purposes only )
3. Three wheeled vehicles ( including motorized rickshaws, cabin scooters used for private purposes )

• Previously there is a “Goods carrying vehicles ( own goods )” & Goods carrying vehicles ( General Cartage ) but now – goods carrying vehicles is called as “ Goods carriage” only and there is no categorization of Public carrier and private carried
• But Motor Tariff categorized for rating purpose as – Own goods Carrier and General Cartage Carrier.
• In revised Tariff ( 1.7.2002) T.A.C. renamed as – Public Carrier and Private Carrier for rating purpose.

Passengers Carrying Vehicles –

• Four wheeled vehicles and three wheeled vehicles used for carrying passengers for hire or reward with carrying capacity not exceeding 6 passengers
• Four or more Wheeled passenger carrying vehicles with carrying capacity exceeding 6 passengers and three wheeled passenger carrying vehicles with carrying capacity exceeding 17 passengers for hire or reward
• Motorized three wheeled passenger carrying vehicles with carrying capacity exceeding 6 passengers but not exceeding 17 passengers for hire or reward
• Motorized two wheelers used for carrying passenger for hire or reward

MISCELLANEOUS

• The earned Cumulative Bonus will not be lost if the policy is renewed – within 30 days after its expiry
• The Insurer is not liable for Compensation under more than one of the sub-clauses ( a to f of benefit chart ) in – respect of the same period of disablement
• Insurer is not liable for – any payment after a claim under sub clauses (a), (b), ( c ), or (d) of the policy has been admitted and settled

HRM CDA Rule

• Rule 5: Scope of Employee’s service- Whole time of the employee in such capacity/places as directed from time to time.
• Rule 6: Employees not to accept/seek outside employment.
• Rule 7: Employees not to undertake part-time work.
• Rule 8 : Obligation to maintain secrecy.
• Rule 9: Evidence before committee or any authority.- not to criticize co’s policies.
• Rule 10: Prohibition against participation in politics and standing for election.
• Rule 11: Not to participate in any demonstrations.
• Rule 12: Connection with Radio & Press.
• Rule 13 :Not to accept any gifts in excess of Rs.500/- from relatives, in excess of Rs.250/- from personal  friends and others

GIPSA Daily One Liners Part 8 PDF

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