IC 57| FIRE INSURANCE|ONE LINER|PARA 13.2|III EXAM

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.

  1. TRANSFER OF RISK IS CALLED INSURANCE
  2. FIRE COVERS 12 PERILS
  3. FIRE MEANS… OTHER THAN SPONTANEOUS COMBUSTION, OTHER THAN SUBSTANCE OF INHERENT IN NATURE, OTHER THAN OWN FERMENTATION
  4. WE CAN AVOID , FIRE, BY REMOVING SOURCE OF IGNITION.
  5. EXPLOSION/IMPLOSION (OTHER THAN INDUSTRIAL BOILER)..MEANS ONLY DOMESTIC BOILER IS COVERED
  6. SPONTANEOUS COMBUSTION 2 TYPES: NON FIRE DAMAGES & FIRE DAMAGES
  7. SPRINKLER INSTALLATION DAMAGE DUE TO REPAIRING OF BUILDING NEARBY IS NOT PAYABLE IN FIRE CLAIM
  8. WE CANNOT REDUCE THE NUMBER OF PERILS NOT BELOW 10 (EVEN IT IS DETARIFF)
  9. FIRE DETARIFF FROM : 01.01.2007 *PRICE REDUCTION IS DONE
  10. FROM -1.4.08 – PRODUCT VARIATION 
  11. CASH – SPECIFICALLY MENTIONED ONLY IS COVERED
  12. SUM INSURED IN FIRE : MARKET VALUE
  13. WE CANNOT INSURED FOR : CAPITAL COST (IT SHOULD INCLUDE LAND VALUE ALSO)
  14. WE CANNOT INSURED FOR : BOOK VALUE/AUDITED ACCOUNTS COST ALSO
  15. FIRE POLICY COVERS ONLY SUPERSTRUCTURE OF THE BUILDING
  16. STOCKS INSURED BY INVOICE VALUE
  17. FIRE POLICY CAN BE INSURED AS VALUED POLICY FOR : VERY OLD MACHINERY … MEANS MARKET VALUE CANNOT BE ASCERTAINED.
  18. PROPORTIONATE PREMIUM : MEANS.. PRO-RATA PREMIUM
  19. CANCELLATION IN FIRE POLICY:  15 DAYS NOTICE PERIOD
  20. INSURED SHOULD INTIMATE THE INSURER TO REINSTATE OR REPAIR(WITHIN 30 DAYS)
  21. ARBITRATION CLAUSE ARISES ONLY IF LIABILITY IS ADMITTED
  22. DIFF. IN DISPUTES IN QUANTUM ONLY REFERRED TO ARBITRATION
  23. ELECL. INSTALLATION… FORMING PART OF BUILDING SUM INSURED
  24. PROFIT PORTION  NOT TO BE INCLUDED IN SFPP
  25. LOCAL AUTHORITIES CLAUSE INCLUDES:  SOLAR PANEL/RAIN WATER HARVESTING
  26. RIV POLICY : MODIFIED INDEMNITY POLICY
  27. ESCALATION CAN BE GIVEN INCONJUCTION WITH RIV POLICY: FALSE
  28. IN BOTH RIV & ESCALATION: ..NO STOCK IS COVERED
  29. ESCALATION SUM:  SUM INSURED: RS.10,00,000 , ESC: 25%,
    25/100 X 10,00,000 = 250000 , PREMIUM CHARGED AS 50% OF APPLICABLE RATE
  30. IN RIV POLICY : UNDER INSURANCE APPLICABLE (MEANS ADEQUATE SI TO BE MENTIONED)

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