IC 57| FIRE INSURANCE|ONE LINER|PARA 13.2|III EXAM
Hello Readers , here we are providing ONE LINER FIRE INSURANCE for para 13.2 and III exam . These questions will be very helpful for upcoming promotional exam in 2019.
- TRANSFER OF RISK IS CALLED INSURANCE
- FIRE COVERS 12 PERILS
- FIRE MEANS… OTHER THAN SPONTANEOUS COMBUSTION, OTHER THAN SUBSTANCE OF INHERENT IN NATURE, OTHER THAN OWN FERMENTATION
- WE CAN AVOID , FIRE, BY REMOVING SOURCE OF IGNITION.
- EXPLOSION/IMPLOSION (OTHER THAN INDUSTRIAL BOILER)..MEANS ONLY DOMESTIC BOILER IS COVERED
- SPONTANEOUS COMBUSTION 2 TYPES: NON FIRE DAMAGES & FIRE DAMAGES
- SPRINKLER INSTALLATION DAMAGE DUE TO REPAIRING OF BUILDING NEARBY IS NOT PAYABLE IN FIRE CLAIM
- WE CANNOT REDUCE THE NUMBER OF PERILS NOT BELOW 10 (EVEN IT IS DETARIFF)
- FIRE DETARIFF FROM : 01.01.2007 *PRICE REDUCTION IS DONE
- FROM -1.4.08 – PRODUCT VARIATION
- CASH – SPECIFICALLY MENTIONED ONLY IS COVERED
- SUM INSURED IN FIRE : MARKET VALUE
- WE CANNOT INSURED FOR : CAPITAL COST (IT SHOULD INCLUDE LAND VALUE ALSO)
- WE CANNOT INSURED FOR : BOOK VALUE/AUDITED ACCOUNTS COST ALSO
- FIRE POLICY COVERS ONLY SUPERSTRUCTURE OF THE BUILDING
- STOCKS INSURED BY INVOICE VALUE
- FIRE POLICY CAN BE INSURED AS VALUED POLICY FOR : VERY OLD MACHINERY … MEANS MARKET VALUE CANNOT BE ASCERTAINED.
- PROPORTIONATE PREMIUM : MEANS.. PRO-RATA PREMIUM
- CANCELLATION IN FIRE POLICY: 15 DAYS NOTICE PERIOD
- INSURED SHOULD INTIMATE THE INSURER TO REINSTATE OR REPAIR(WITHIN 30 DAYS)
- ARBITRATION CLAUSE ARISES ONLY IF LIABILITY IS ADMITTED
- DIFF. IN DISPUTES IN QUANTUM ONLY REFERRED TO ARBITRATION
- ELECL. INSTALLATION… FORMING PART OF BUILDING SUM INSURED
- PROFIT PORTION NOT TO BE INCLUDED IN SFPP
- LOCAL AUTHORITIES CLAUSE INCLUDES: SOLAR PANEL/RAIN WATER HARVESTING
- RIV POLICY : MODIFIED INDEMNITY POLICY
- ESCALATION CAN BE GIVEN INCONJUCTION WITH RIV POLICY: FALSE
- IN BOTH RIV & ESCALATION: ..NO STOCK IS COVERED
- ESCALATION SUM: SUM INSURED: RS.10,00,000 , ESC: 25%,
25/100 X 10,00,000 = 250000 , PREMIUM CHARGED AS 50% OF APPLICABLE RATE - IN RIV POLICY : UNDER INSURANCE APPLICABLE (MEANS ADEQUATE SI TO BE MENTIONED)
CLICK HERE TO BUY FIRE INSURANCE 5 MOCK TEST
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ALL THE BEST
“BE AMBITIOUS”
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