GIPSA Promotion Exam: Daily One-liners (Part 9)

GIPSA Promotion Exam: Daily One-liners (Part 9)

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

  • What is the basis in Loss of Profits insurance – Reduction in turnover and this is basis adopted
  • Turnover means – the money paid or payable to the insured for goods sold and delivered and for services rendered in the course of the business premises
  • Turnover consists of – 3 elements called Variable charges, Standing Charges and Net profit
  • Net profit means – turnover minus variable and standing charges
  • Difference between basis of claim settlement for ordinary Fire Policy and Reinstatement is – under Fire policy Market value ( making deductions for depreciation ) is base and for reinstatement policy it is possible to recover not the depreciated value of the building but the cost of replacement of the damaged property by new property of the same kind
  • The reinstatement basis settlement shall not apply – if the insured fails to intimate to the insurer within 6 months or any extended time allowed by the insurer to replace the damaged property
  • Reinstatement must be carried out by the insured and completed within – 12 months after the destruction or damage or extended period allowed by insurer

ENGINEERING

  • Damage resulting from experiment and overload covered by MCE – No it is not covered
  • The most eligible risks for Machinery Insurance are units of – Power plant and Prime Movers
  • Electrical and Mechanical breakdown or internal explosions covered by CPM – No all that risks are excluded in the policy
  • Whilst working underground in CPM can that equipment covered – No it is an exclusion
  • Standby machinery in MBD is – Covered at a discount of 50% in rate
  • What are the construction phase policies – CAR,EAR(SCE),MCE, Contract works(CW) Insurance, ALOP or Delay in start up(DSU)
  • What are the operational phase policies – MBD, Boiler & Pressure plant(BPP), MLOP, CPM, Civil Engineering Completed Risks( CECR), EEI, Deterioration of Stocks( DOS)

MARINE INSURANCE

  • FCAR – Free of Claim for accident reported: No claim is payable under the insurance if it arises from an accident which is known to have occurred before acceptance of the risk
  • Warehouse keepers – Receive the goods for the purpose of storage in their warehouses
  • Shipping agents – Many merchants prefer to put their shipments in the hands of a shipping agent who, for a consideration, undertakes to attend to the transit operation
  • C.P.T. ( Carriage paid to ) – The sellers bear the cost of carriage up to a named point. Position regarding risk is under C&F terms
  • C.I.P. Means – Carriage and Insurance paid
  • Sellers contingency policy is not – Assignable except to a banker operating in India
  • On settlement of claim under Sellers contingency policy – subrogates to the insurer all the sellers rights against the buyer himself or the buyers insurance or other third parties
  • The Sellers contingency policy prohibits – disclosure of its existence to any other party, the buyer in particular
  • As per Cancellation By Notice – the policy may be cancelled by the Assured giving notice not less than 7 days prior to the end of each period of 3 months from inception

MOTOR INSURANCE

  • Passenger Carrying Vehicles (4 wheeled and 3 wheeled ) for hire or reward –
  1. Taxis or Private car type vehicles plying for public hire
  2. Private Type Taxis let out on Private Hire direct from the Owner with or without meters and driven by the Owner or an employee of the Owner
  3. Private car type vehicles let out on Private Hire and driven by the Hirer or any driver with his permission
  4. Private Car type vehicles owned by Hotels and hired by them to their guests
  • How many type of Miscellaneous and Special type of Vehicles are there – Total 58 type of vehicles are there under this section
  • Compulsory Excess is applicable to – all Miscellaneous and Special Type of vehicles
  • Liability only policy covers – Third party Liability for bodily injury and/or death and property damage. Personal accident cover for Owner Driver is also included
  • Under Motor Tariff Regulations GR 45 A says – the insured can take restricted cover for Fire and or Theft risks if the vehicle may be laid up in garage and not in use
  • Chapter VII – A and Chapter VIII of the Act provide for insurance of Motor Vehicles against – Third party risks

MISCELLANEOUS

  • Cancer Insurance Policy can be issued to – Cancer Patients Aid Association Members
  • Under Cancer Insurance Policy – Only Allopathic mode of treatment is covered
  • Bhavishya Arogya Policy is meant for – medical expenses due to illness/accidental injury incurred by the insured person during his retirement age as defined in the policy
  • Bhavishya Arogya Policy can be issued – at the age of 25 years to 55 years age and the maximum sum insured is Rs.50000/- and for any disease 20000/- per any one illness or injury
  • For Children the cover is limited to – Death and Permanent Disablement ( Total or Partial )
  • For Family package policy the discount is – 5% on the Gross premium
  • PA policies issued during peace time normal period WAR & Allied risks can be given at 50% extra over the normal rate and in ABNORMAL period it can be covered – by charging 150% extra i.e. 250% of normal rate

HRM CAD Rule

  • Rule 14- Prohibition of Private trading including allowing of any members of his/her family to act as agents.
  • Rule 15–  Speculating in stocks and shares.
  • Rule 16 – Restrictions on Borrowing and Investments-with whom official dealings exist.
  • Rule 17: – Employees in debt – Unsecured debts in excess of salary for 6 months.
  • Rule 18: – Employees not to absent from duty without permission or be late in attendance ½ day CL shall be forfeited for 4th and subsequent occasion of early leaving/late attendance. – Up to three times – competent authority can condone at his discretion.
  • Rule 19 : Absence from station.

GIPSA Daily One Liners Part 9 PDF

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
3

2 COMMENTS

Leave a Reply