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synonymous with ‘larceny’.**Test Yourself 2**Under the shopkeeper package policy, the insured may opt for an additional ‘Fixed plate
glass and sanitary fittings’ cover. This will cover accidental loss of damage to which of the
following?I. Fixed plate glass
II. Sanitary fittings
III. Neon signs
IV. All of the above**G.... | IC 38 -IA-Eng-Non-Life.md | null | Test Yourself 2 | IC 38 -IA-Eng-Non-Life_018 | {
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party. Third-party insurance is purchased by the insured (first party) from an
insurance company (second party) for protection against another party's claims
(third party) for liability arising out of the action of the insuredThird party insurance is called ‘Liability Insurance’ as well.**Two important types of covers ... | IC 38 -IA-Eng-Non-Life.md | null | Two important types of covers that are popular in the market are discussed | IC 38 -IA-Eng-Non-Life_019 | {
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from Regional Transport Authority
III. In the name of any family member of the vehicle owner, including the vehicleowner, subject to approval from the Regional Transport Authority
IV. If the vehicle will be driven by anyone other than the owner, then primary policyshould be in the name of the vehicle owner and addition... | IC 38 -IA-Eng-Non-Life.md | y34 | Summary | IC 38 -IA-Eng-Non-Life_020 | {
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stocks and stock in process, including stocks at suppliers/ customer's premises,Stocks held in trust, if specifically declared, machinery temporarily removed from
the premises for repairs can be insured. Monetary relief is essential to rebuild and
renew the property damaged to bring back the business to its normal cour... | IC 38 -IA-Eng-Non-Life.md | e37 | What does the Standard Fire policy cover? | IC 38 -IA-Eng-Non-Life_021 | {
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storage risks and so on. The policy underinsurance to the extent of 15% is waived.
Bharat Sookshma Udyam Policies allow increase in Sum Insurer during the policy
tenure by endorsement.38**ii.** **Bharat Laghu Udyam Suraksha(meant for enterprises where the total value****at risk is more than Rs. 5 Crore and upto Rs. 50 ... | IC 38 -IA-Eng-Non-Life.md | null | Bharat Laghu Udyam Suraksha(meant for enterprises where the total value | IC 38 -IA-Eng-Non-Life_022 | {
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fire floater policies as the sum insured ‘floats’ over multiple locations.**vi.** **Premium rating depends on:**a) The type of occupancy, whether industrial or otherwise.
b) All property located in an industrial complex will be charged one ratedepending on the product(s) made.
c) Facilities outside industrial complexes... | IC 38 -IA-Eng-Non-Life.md | y40 | Premium rating depends on: | IC 38 -IA-Eng-Non-Life_023 | {
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through means of force. This is generally known as “key clause”.b) A complete list of the amounts of cash in safe is kept secure in some place otherthan the safe. The liability of the insurer is limited to the amount actually shown
by such records.41**1.** **First Loss Insurance**In the cases, which are of low value in... | IC 38 -IA-Eng-Non-Life.md | s42 | First Loss Insurance | IC 38 -IA-Eng-Non-Life_024 | {
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are normally the same as of burglary insurance (of business premises) that this
was discussed under Learning Outcome C above.**2.** **Important exclusions**These include:a) Shortage due to error or omission,b) Loss of money that has been entrusted to other than authorized person andc) Riot, strike and terrorism**3.** *... | IC 38 -IA-Eng-Non-Life.md | m43 | Important exclusions | IC 38 -IA-Eng-Non-Life_025 | {
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organization makes adequate enquiries into the antecedents of employees.
The references that the employer obtains must be available to the insurers in
the event of a claim. The policy is granted only to large firms of repute.**3.** **Premium**The rate of premium depends upon the type of business occupation, status of t... | IC 38 -IA-Eng-Non-Life.md | s45 | Premium | IC 38 -IA-Eng-Non-Life_026 | {
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especially diamonds. Imported raw diamonds are cut, polished and exported. It
takes care of all risks of a jeweller whose business involves sale of articles of high
value in small bulk like jewellery gold &silver articles, diamonds and precious
stones, wrist watches etc. The trade involves stocking these expensive item... | IC 38 -IA-Eng-Non-Life.md | y47 | Coverage of Jeweller’s Block Policy | IC 38 -IA-Eng-Non-Life_027 | {
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machine; the industry in which it is used and its value. Discounts are offered based
on factors such as stand-by facilities, spares available and claims experience.**2.** **Boiler and Pressure Plant Policy:** This covers boilers and pressure vessels,against:a) Damage, other than by fire, to the boilers and/ or other pr... | IC 38 -IA-Eng-Non-Life.md | o48 | Boiler and Pressure Plant Policy: | IC 38 -IA-Eng-Non-Life_028 | {
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Dry docks, Harbours, Jetties Railway lines, Rock Filled dams, Concrete dams,
Earthen dams, Canals, Irrigation system are considered under this policy. Risks
covered are –1. Fire
2. Lightning
3. Explosion/ Implosion494. Riot, Strike, Malicious Damage
5. Impact by any Rail/ Road or water borne vehicle or animal
6. Storm ... | IC 38 -IA-Eng-Non-Life.md | n494 | B. | IC 38 -IA-Eng-Non-Life_029 | {
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actual commencement of project.The policy also covers financial losses in the form of continuing expenses such as
interest on term loan, debentures, wages and salaries etc. and on the anticipated
net profit which the business could have earned if it had commenced on the
scheduled date.Premium rating depends on various ... | IC 38 -IA-Eng-Non-Life.md | null | Test Yourself 8 | IC 38 -IA-Eng-Non-Life_030 | {
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between the insurer and insured and is not subject to revaluation later unless fraud
is suspected. The convention for the Sum Insured is CIF + 10% (Cost Insurance &
Freight + 10%). Another unique feature is that the policy is freely assignable.52The cover normally commences from the time the goods leave the warehouse a... | IC 38 -IA-Eng-Non-Life.md | null | Important | IC 38 -IA-Eng-Non-Life_031 | {
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protection to cover a large number of shipments/ despatches. The premium
on the consignments would be adjusted from the respective cash deposit
account maintained by the Insured. Open covers are issued to large exporters
and importers who have continuous tradeOpen covers set out the terms of cover and rates of premium ... | IC 38 -IA-Eng-Non-Life.md | l2 | Duty and increased value insurance | IC 38 -IA-Eng-Non-Life_032 | {
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existence of such a liability and the amount of compensation to be paid would be
decided by a civil court which would go into the aspect of alleged negligence/ fraud.
Liability insurance policies provide coverage of such liabilities. Let us look at some
of the liability policies.**Statutory liability**55There are certa... | IC 38 -IA-Eng-Non-Life.md | l2 | Statutory liability | IC 38 -IA-Eng-Non-Life_033 | {
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accident and any one year.5. **Professional Liability**Professional indemnities are designed to provide insurance protection to
professional people against their legal liability to pay damages arising out of
negligence in the performance of their professional duties. Such covers are available
for doctors hospitals; eng... | IC 38 -IA-Eng-Non-Life.md | s57 | Professional Liability | IC 38 -IA-Eng-Non-Life_034 | {
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policyholders on the happening of a loss event. Insurer fulfils this promise by
providing prompt, fair and equitable service in either paying the policyholder or
paying claims made against the insured by a third party.One of the non-life insurance companies had the inscription “Pay if you can;
repudiate if you must” in... | IC 38 -IA-Eng-Non-Life.md | null | Settling claims professionally is regarded the biggest advertisement for an | IC 38 -IA-Eng-Non-Life_035 | {
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investigation to determine the cause and extent of loss is done, by an officer of theinsurers.**The investigation** of other claims is entrusted to independent licensed professional
surveyors who are specialists in loss assessment. The assessment of loss by
independent surveyors is based on the principle that since bot... | IC 38 -IA-Eng-Non-Life.md | e2 | The investigation | IC 38 -IA-Eng-Non-Life_036 | {
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Rules 1939 and specific regulations issued by IRDAI.Claims made outside the country in case of ‘Travel Policy’ or ‘Marine Open Cover’
for exports, are assessed by the claims settling agents abroad named in the policy.
These agents may assess the loss and make payment, which is reimbursed by the62insurers along with the... | IC 38 -IA-Eng-Non-Life.md | e62 | Important | IC 38 -IA-Eng-Non-Life_037 | {
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comprehensive policy. Which among the following is most appropriate for Raj to do?I. Notify the insurer of the loss as soon as reasonably possibleII. Notify the insurer at the time of insurance renewalIII. Damage the car further so as to receive a bigger compensationIV. Ignore the damage**Test Yourself 3**Which of the ... | IC 38 -IA-Eng-Non-Life.md | s64 | ANNEXURESThese annexures are provided so that the students get a better idea of proposal | IC 38 -IA-Eng-Non-Life_038 | {
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