GIPSA Promotion Exam: Daily One-liners 5th January 2020

GIPSA Promotion Exam: Daily One-liners:

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.

  • Contract price clause inserted in the policy for – applies for imported goods only sold but not delivered for which the insured is responsible
  • Designation of property clause – insurers will agree to accept the designation under which the property has been entered in the insured books
  • Cause proxima non remota spectatur means – the immediate and not the remote cause is to be regarded
  • ALOP Policy can be called as – Delay in Startup Policy ( DSU )
  • DSU Covers – Financial consequences of a project being delayed because of accidental damage to the project materials
  • The main objective of ALOP policy is – to indemnify the insured for the actual loss sustained due to delay in commencement of commercial operations of a new project under installation/construction
  • As per the Declaration clause under open cover – the insured shall declare all the consignments
  • Special Declaration Policy issued – if sum insured exceeds more than 2.00 crores for Inland transits only
  • For Special declaration policy – Proposal form to be used
  • Special Storage Risks Insurance issued along with – Open policy or a Special Declaration Policy
  • If the territory is unlawful and there is loss – it is not payable by this policy
  • Material change means – any change in the operation of the Assured which might reasonably be regarded by the Underwriters as increasing their risk
  • Exclusions as per Section III of the policy are – War ( but if the flight is on the way it is covered up to landing at the airport ), confiscation by the Government authority, Financial losses due to debt etc, Delay, loss of use, atomic or nuclear fission

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