PARA 13.2 IC 78, Miscellaneous Insurance One Liner, Chapter-8: Other Miscellaneous Policies
Insurance exams offered by the Insurance Institute of India (III), consist of various papers either in Life or Non Life or Combined. Here we are providing ONE LINER IC 78, Misc Insurance Chapter-8: Other Miscellaneous Policies for para 13.2 and III exam . These questions will be very helpful for upcoming promotional exam in 2020.
IC 90, Human Resource Management is a very important topic in insurance promotional exam. This IC 78, miscellaneous insurance paper comes in all GIPSA exams which makes it very important.
The Article IC 78, Chapter-8: Other Miscellaneous Policies
♦IC 78, CHAPTER 8 OTHER MISCELLANEOUS POLICIES
1.Pedal cycle insurance Coverage: The cover granted generally is in respect of:
i)Loss of or damage to the pedal cycle described in the schedule of the policy:
- Resulting from fire, lightning, explosion,
- Resulting from burglary, housebreaking, theft, or
- By accidental external means
ii)Insured’s legal liability for bodily injury to the public and for damage to the property of the public, subject to a specified limit.
2.Pedal cycle insurance Other points
2.1)Loss of or damage to rubber tyres, lamps, tools and accessories is covered only if they are lost or damaged in the same accident in which the insured pedal cycles is also damaged.
2.2)Theft of these parts is covered only if the insured pedal cycle is also stolen at the same time.
2.3)The cover is not operative if the insured pedal cycle is overloaded, or in racing, pace making or speed tests.
2.4)Usual wear and tear, mechanical breakdown, as also losses arising from war (and allied risks), riot, strikes, earthquake and such other convulsions of nature, are outside the scope of the cover. 2.5 The riot and strikes risks may be covered on payment of additional premium.
2.6)Personal accident benefits may be granted on payment of additional premium.
3.Plate Glass Insurance Coverage: The policy generally provides cover against the breakage of the plate glass fixed to display windows or show cases of commercial establishments by any reason whatever, except those that are specifically excluded by the policy.
3.1)Breakages normally excluded from the policy are those by reason of:
- Fire or explosion
- Earthquake or such other convulsions of nature and
- Riot, strikes, war and kindred risks
3.2)Unless specifically stated in the schedule of the policy, glass means plain glass of ordinary glazing quality and does not include any embossing, silvering, lettering or ornamental work.
3.3)Damage to frames and the cost of removal or replacement of any fittings or fixtures necessitated for replacing the broken glass are not paid for under the policy.
3.4)The policy also does not cover cracked or imperfect glass or any loss arising from the interruption of business of the insured during the period between the date of breakage and the date of replacement.
3.5)The policy covers actual breakage of glass and hence any superficial damage or scratching is not within the scope of the policy.
3.6)Newly fitted glass is undesirable risk mainly on account of shrinking, warping of the wood work which takes time to settle
3.7)Vacant premises provide greater hazard
3.8)The locality factor should be taken into account viz.
- Street corners
- Slum area
- Disturbed localities where children play in streets or hooliganism is present
- Narrow thoroughfare with heavy traffic
- Plate Glass Insurance Rating
- Higher rates are frequently charged for showrooms, garages, Jewellers etc.
- The rate of premium depends on the type of glass, situation, previous experience and neighborhood.
- The rate ranges from 5 percent to 10 percent of the value of the glass.
- Plate Glass Insurance Claims
- the amount payable under the policy is restricted to the intrinsic value of the broken glass upto the amount specified in the policy against the relevant item.
- The insurers have the option either to pay in cash the amount of the intrinsic value of the broken glass, or to make replacement by glass of similar manufacture and quality.
- The coverage under the policy applies only so long as the glass is fixed. The insurance cover will cease if any alterations are carried on to the premises, or if there is a change in the tenancy of, occupancy of, or business carried on in, the premises containing the glass insured.
- In the case of heavy breakage involving a substantial amount of loss, an independent survey would be arranged.
In the case of minor breakage, the loss would be settled on the basis of the claim form which would elicit the following information:
- Name of the Insured
- Address where glass is situated indicating the precise position of the glass
- Size and value of the plate broken
- Cause of breakage
- Date of Breakage
- Name and address of the person causing breakage
- Was the person in any way employed by the insured
5.1)Missing Documents Indemnity: Documents like share certificates, bank deposit receipts, life insurance policies etc. sometimes get lost or misplaced.
5.2)Coverage: The indemnity issued by insurers seeks to indemnify the authority issuing the duplicate or paying any sums under the missing document, against any loss that it might sustain as a result of its having issued a duplicate document or having made any payment under the missing document.
6.Neon Sign Insurance Coverage: The insurance is in respect of loss or damage to the neon sign installation by:
- Accidental external means or
- Fire, lightning, external explosion and theft
6.1)The policy excludes the following:
- The fusing or burning out of any bulbs and / or tubes arising from short circuiting or arcing or any other mechanical or electrical defect or breakdown.
- Repair, cleaning, removal or erection, wear and tear, depreciation or deterioration.
- Damage to tubes unless the glass in fractured
- Over running, over heating or strain
- Atmospheric conditions
- Consequential loss, however caused
- Strikes, riot, civil commotion.
- Natural risks
- War and kindred perils
6.2)A condition which provides that the insured neon sign must be examined and inspected at regular intervals of not longer than six months by a qualified electrician and engineer,
i)This is a kind of a comprehensive cover available to amateur sportsmen
covering their sporting equipment, personal accident risks, etc.
ii)If desired the cover can also be made available in respect of the named member/s of insured’s family residing with him.
iii)It is to be noted that this cover is not available to professional sportsmen.
iv)The cover is available in respect of any one or more of the following sports:
- Lawn tennis
- Use of sporting guns
8.Sports Insurance Coverage: The indemnity is available in respect of the following:
- Loss of or damage to sporting equipment, accessories and sporting apparel used in connection with any sport for which insurance is effected subject to a limit to Rs. 2000/- per person for each sport.
- Loss of or damage to personal effects and clothing (whilst contained in any clubhouse, hut or sports pavilion), caused by fire, burglary, housebreaking or theft, subject to a limit of Rs. 1000/- per person. The property covered excludes watches, jewellery, money, securities, documents and any article insured under (a) above.
- Legal liability of the insured and named members of the family of insured, to the public, whilst engaged in or practicing the sport, subject to a limit of Rs.5,00,000 for any one accident.
- Accidental bodily injury to the insured and to the named members of the insured’s family whilst engaged in or practicing the sport, subject to the following:
i)Age limit – 17 to 70 years
ii)Comprehensive benefit can be provided as per P.A. guidelines. The S.I. is usually restricted to Rs.1 lac since this benefit is only incidental to the policy.
8.1)The policy normally grants cover for events taking place in India.
8.2)Exclusions The following losses are excluded from the cover referred to in item (a)
- Loss of or damage to cricket, golf, squash and tennis balls, shuttlecocks and breakage of racquet strings, cricket bats and angling lines.
- Loss or damage arising from moth, vermin, mildew, gradual deterioration, wear and tear, rust or atmosphere conditions or from any process of cleaning, repairing or restoring.
8.3)The personal accident cover referred to above excludes death or bodily injury resulting from intentional self injury, suicide, attempted suicide or from the influence of drink or drugs.
8.4)If angling is covered, the policy excludes loss or damage arising from the use of any craft (other than hand propelled craft) or vehicle.
8.5)The premium depends on:
- The number of sports to be insured and
- The number of persons to be included in the policy
8.6 Extensions: The following extensions are available on payment of additional premiums:
- The policy can be extended to cover a worldwide geographical area.
- The value of sporting equipment, accessories and apparel in excess of Rs.2,000 can be insured at an additional premium on the excess value
- Television Insurance Coverage: The indemnity provided is in respect of:
- loss of or damage to the television apparatus (including the aerial fittings)
- liability of the insured arising out of accidents caused by or through such apparatus, subject to a specified limit
- loss of or damage to property belonging to or in the custody of the insured, by breakage or collapse of the aerial fittings or mast of the apparatus
9.1)The perils ordinarily covered are fire, lightning, accidental external means, short circuiting, flood, hurricane, bursting and overflowing of water tank, theft, riot, strike and earthquake.
9.2) short circuiting is not covered, but it may be covered as an extension of the policy, on charging additional premium.
9.3)Exclusions The following are excluded:
i)Consequential loss, depreciation, wear and tear, failure or breakage or damage caused by normal atmospheric conditions.
ii)Loss or damage arising from erection, repairing or dismantling of the apparatus.
- Burning out of valves or coils,
- Mechanical derangement,
- Mechanical or electrical breakdown, unless caused by any of the insured perils.
- Loss or damage by war and allied perils
- Liability assumed by the insured by agreement, unless such liability would have devolved on the insured notwithstanding such agreement
- Loss, damage or liability arising from ionizing radiations or nuclear weapons material.
- Premium is charged at a rate percent of the value of the apparatus
10.Blood Stock (Horse) Insurance Risk Covered: The policy provides indemnity in respect of death of a horse occurring from accident, illness of disease sustained or contracted whilst within the specified geographical area (including transit therein) during the period of insurance.
10.1)The amount payable under the policy is either the sum insured or the market valued of the animal immediately prior to the occurrence of the accident or the contracting of the illness or disease, whichever is less.
10.2)Blood Stock (Horse) Insurance Exclusions: Death of horse arising out of the following is excluded:
- Slaughter without the consent of the insurers except in cases of fracture of a bone necessitating immediate slaughter on humanitarian grounds
- Destruction in compliance with the requirement of any statute or any order of any Government, municipal or other authority
- Castration or other surgical operation carried out without the consent of the insurers
- Unfitness or incapacity to fulfill the functions or duties for which the animal is kept or employed
- Accident, illness or disease sustained or contracted elsewhere than in India
- Overloading, unskillful treatment, willful neglect, poisoning
- Transport by air or sea
- Use of the animal for purpose other than those stated in the schedule of the policy without the written consent of the insurers
- Osteoporosis or kumrie or depreciation in value due to contracting osteoporosis or kumrie prior to death or due to any other cause
- War and allied perils
- Strikes, riot, civil commotion; and
- Ionizing radiations and nuclear weapons material
10.3)Conditions: The following conditions may be specially noted:
- The insured is required to give to the insurers an immediate notice of parturition or operation performed or accident, lameness, illness or sickness of the insured horse.
- The policy is void if any of the insured horse is inoculated or operated upon without the consent of the insurers.
10.4)Rating: Premium under the policy is based on the sum insured, use and the age of the horse.
10.5)Claims: On the death of the horse described in the schedule of the policy, the insured is required to give within twelve hours notice to the insurer and to give the insurer an opportunity of inspecting the carcass by not removing, cutting or parting with it until the expiration of at least 24 hours after such notice is issued to the insurers.
10.6)Within 21 days thereafter, satisfactory proof as to the cause of death, identity and market value of the horse, together with appropriate certificate / s from veterinary surgeon, must be submitted.
11.Pet Dog Insurance: Insurance is granted in pure or cross bred pedigree dogs, watch dogs and sheep dogs, within the age limit of 2 months to 8 years.
11.1)Cover is against death by disease or accident.
11.2)Total or partial disability is not covered.
11.3)The diseases such as Rabies, Canine, distemper, Canine virus etc. are covered only if necessary vaccination certificate is submitted.
11.4)The identification methods are:
- Nose print and colour photograph
- Face/side and natural identification mark
11.5)The purchase price may be taken as sum insured,
11.6)The following extensions on payment of additional premium are available.
- Death by accident in transit by air, rail, road, water
- Death by accidental poisoning
- Breeding risk
- Loss of show entry fee (limit of compensation specified) when the dog registered with the Kennel Club is unable to attend the show because of accident or disease covered by the policy
- Loss of value (limit 50% of sum insured) resultant upon an accident which does not result in death but affects its show career
- Liability for third party personal injury and damage to property
- World wide transport
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