Goods in transit by rail/road are not insured under Standard Fire & Special Perils Policy. Cargo insurance provides insurance cover in respect of loss of or damage to goods during transit by rail, road, sea or air. 

Time policy is a marine (hull) insurance policy which is valid for a specified time period, generally valid for a year.

Cash is lost from the safe following the use of a key to open it, where such key has been obtained by violence or threats of violence or through means of force. This is generally known as “key clause”.

Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy.

The main types of liability insurance are given below:

1. Employers' liability; required by law if you have employees – covers the cost of compensating employees who are injured at or become ill through work
2. Public liability
3. Product liability
4. Professional indemnity
5. Directors' and officers' liability 

Motor insurance for third party liability 

Section 23 of Consumer Protection Act, 1986 provides that any person aggrieved by an order of NCDRC may prefer an appeal against such order to Supreme Court of India within a period of 30 days.

'Hypothecated goods' covers losses suffered due to fraudulent or dishonest act of employees in respect of goods or commodities pledged or hypothecated to the insured bank and under its control.

Taking precautionary measures to reduce the likelihood of a loss, or to reduce the severity of a possible loss, e.g. installing a security system is known as risk reduction, which is also known as loss control. It is the measures to reduce the frequency or severity of losses and may include engineering, fire protection, safety inspections, or claims management.

Unlimited income potential is available for agents. There is no specified salary for agents. More efforts can lead to more income.

Escalation clause: It will be in order for insurers to allow automatic regular increase in the sum insured throughout the period of the policy in return for an additional premium to be paid in advance. The terms and conditions for this extension shall be as follow: (a) The selected percentage increase shall not exceed 25% of the sum insured. (b) The additional premium, payable in advance, will be at 50% of the full rate, to be charged on the selected percentage increase. (c) The sum insured at any point of time would be assessed after application of the escalation clause. (d) Escalation clause will apply building, machinery and accessories only and will not apply to stock.

Floating policy is a marine insurance policy where only the amount of claim is specified and all other details are omitted till the time the ship embarks on its journey. For clients who undertake frequent trips of cargo transportation through waters, this is the most ideal and feasible marine insurance policy.

Theft or attempted theft from yards, gardens, open spaces or out-buildings unless the contents thereof are specifically insured by the policy are not payable under Burglary (Business Premises) policy.

An agent may deal with more than one Life Insurance Company or general insurance company or both.

Administration charge is the charge for handling paper work and other miscellaneous back office expenses.

Escrow is a legal concept in which a financial instrument or an asset is held by a third party on behalf of two other parties that are in the process of completing a transaction. The funds or assets are held by the escrow agent until it receives the appropriate instructions or until predetermined contractual obligations have been fulfilled. Money, securities, funds and other assets can all be held in escrow.

In the field of property insurance, the chances of a wooden structure catching fire are more than stone structures; hence, a higher premium is required to insure the wooden structure.Risks are divided into different categories depending on the degree of risk that is present. In the given case, higher risk will lead to high premiums.

Co-insurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income. The penalty is based on a percentage stated within the policy and the amount under reported.

Third party administrators were introduced in the year 2001. They are licensed and regulated by IRDAI and mandated to provide health services. The minimum capital and other stipulations to qualify as a TPA are prescribed by IRDAI. Thus, health claims servicing are now outsourced by the insurers to the TPAs at a remuneration of five-six percent of the premium collected.

PIL stands for Public Interest Litigation.

The ECGC Limited is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. It was formed on July 30, 1957.

Rates of premium for burglary policy depend upon the nature of insured property, the moral hazard of the insured himself, construction and location of premises, safety measures (e.g. watchmen, burglar alarm), previous claims experience, etc.

In Jewelers Block policy, important exclusions are as follow: (a) Dishonesty of employees, agents, cutters, goldsmiths (b) Property kept during public exhibition (c) Lost whilst being worn/carried for personal purpose (d) Property not kept in safe outside business hours (e) Property kept in display windows at night. (f) Loss due to infidelity of employees or members of the insured family is not covered. Fidelity guarantee cover should also be taken by the insured for full protection.

Insurers play an important role in social security schemes sponsored by the Government. The Crop Insurance Scheme (RKBY) is a measure with considerable social significance. The scheme benefits not only the insured farmers but also the community directly and indirectly. Apart from this support to Government schemes, the insurance industry itself offers on a commercial basis, insurance covers which have the ultimate objective of social security. Examples are Janata Personal Accident, Jan Arogya, etc. Thus, all the given options are correct. 

“Multi Peril Policy for L.P.G. Dealers” covers the following:

1.     Risk of fire and allied perils for building and contents
2.     Theft and burglary
3.     Gas cylinders in Transit
4.     Cash-in-transit/Safe/Cash box
5.     Fidelity guarantee
6.     Pedal cycle
7.     Public liability
8.     Personal accident
9.     Personal accident to customers
10.   Workmen's compensation
11.    Plate glass
12.    Neon sign/Glow sign

This cover cannot be given when the value of property exceeds Rs. 5 lakh. 

Physical hazards indicate those dangers of the subject matter of insurance which can be ascertained or identified by mere inspection of the risk. The hazards are apparent in the subject-matter itself. 

Core principles of underwriting are utmost good faith (Uberrima Fides) and the insurable interest. Thus, Uberrima Fides refers to utmost good faith. This phrase is used to express that a contract must be made in perfect good faith, concealing nothing; as in the case of insurance, the insured must observe the most perfect good faith towards the insurer.

Insurance brokers may be individuals or corporates and work independently for insurance companies. They represent the people who want insurance and connect them to insurance companies obtaining best possible insurance covers at best possible premium rates. They also assist the insuring people during times of loss and making insurance claims.

Institute Cargo Clause B is wider than Institute Cargo Clause C. Apart from the perils covered in Clause C, it also covers loss or damage due to the following:

i.    Act of God (AOG) perils like earthquake, volcanic eruption and lightning ii.   Collapse of bridges in Inland transit iii.  Washing overboard and sling loss in case of ocean transit iv.  Entry of water into the vessel

In case of stocks, sum insured is their market value. The insured will be reimbursed at the cost at which these stocks can be purchased in the market to replace the damaged raw material, after the loss.

Wear and tear is a popular and legal term for depreciation. Wear and tear is the decrease in value of an item due to deterioration through normal use rather than through accident or negligence.

The five major indicators of service quality are as follow:

(1) Reliability (2) Responsiveness (3) Assurance (4) Empathy (5) Tangibles

Insurance of ships and their cargoes which provides indemnity for property loss, damage and injury to third parties. Marine losses arise in four areas given below:

1. Hull – damage to or loss of vessel.
2. Cargo – goods that have been sold and are being shipped to the buyer.
3. Freight – the cost of transporting cargo.
4. Liability – damage or injury to third parties.

Assurance refers to the knowledge, competence and courtesy of service providers and their ability to convey trust and confidence. It is given by the customer's evaluation of how well the service employee has understood needs and is capable of meeting them.

MLOP stands for Machinery Loss Of Profits Policy. MLOP insurance indemnifies the actual loss of gross profit sustained as a result of a business interruption caused by an accident covered under machinery insurance.

Section 38 in The Insurance Act, 1938: Assignment and transfer of insurance policies— A transfer or assignment of a policy of life insurance, whether with or without consideration, may be made only by an endorsement upon the policy itself or by a separate instrument, signed in either case by the transferor or by the assignor, his duly authorised agent and attested by at least one witness, specifically setting forth the fact of transfer or assignment.

Money insurance policy is designed to cover the losses that may occur while handling cash, cheques, postal orders or postal stamps. The policy normally provides cover under two sections.

Policyholders should notify their insurer about a potential claim as soon as reasonably possible. The courts have clarified that solicitors should advise their clients to check whether they have "before the event" legal expenses insurance, before entering into costly private-fee arrangements.

Scepticism does not go on to make a healthy relationship. Other all options are good for healthy relationship. 

Fatal Act is also called the Fatal Accidents Act, 1855. It was passed in 1855. It extends to the whole of India, except the state of Jammu and Kashmir.

Double insurance denotes insurance of the same subject matter with two different companies or with the same company under two different policies. Insurance is possible in case of indemnity contract like fire, marine and property insurances.

Buildings, in which chemicals are produced or used in large quantity, involve a considerable ignition hazard. A timber yard presents a high combustibility hazard because once a fire starts, timber burns quickly. The contents may be highly susceptible to damage in the event of fire.

Bankers indemnity policy is a comprehensive cover drafted for the banks, NBFCs and other institutions who deal with operations involving money, considering the special risks faced by them regarding money and securities.

Cargo policies are essentially voyage policies, i.e. they cover the subject matter from one place to another. However, the insured is required to always act with reasonable care in all circumstances within his control. The main feature of this policy is that it's an Agreed Value policy. The valuation is agreed between the insurer and the insured, and is not subject to revaluation later unless fraud is suspected. Another unique feature is that the policy is freely assignable.

The buffer cover would have a sum insured varying from rupees ten lakh to a crore or more. Amounts are drawn from the buffer, once a family’s sum insured is exhausted. However, this utilisation is usually restricted to major illness/critical illness expenses where a single hospitalisation exhausts the sum insured.

Proximate cause literally means the ‘nearest cause’ or ‘direct cause’. This principle is applicable when the loss is the result of two or more causes. The proximate cause means the most dominant and effective cause of loss is considered. This principle is applicable when there are series of causes of damage or loss.

Renewal notice for motor insurance is issued by insurer before the expiry of the policy.

If a customer has bought a new insurance policy and received the policy document, and then finds that the terms and conditions are not what he wanted, then he/she can return it and get a refund. IRDAI has built into its regulations a consumer-friendly provision that takes care this problem. Also, the customer must exercise this right within 15 days of receiving the policy document and he/she has to communicate the same to the insurer in writing.

Third party administrators are a new type of service providers who came into business since 2001. They are not authorised to sell insurance but provide administrative services to insurance companies.

The following contingencies are usually excluded under motor insurance: -Not having a valid driving license -Under influence of intoxicating liquor/drugs -Accident taking place beyond geographical limits -While vehicle is used for unlawful purposes -Electrical/Mechanical breakdowns  

A free-look period is a period where a new insurance policy owner is able to terminate the contract without penalties such as surrender charges. A free-look period often lasts for 10 or more days (depending on the insurer), allowing the contract holder to decide whether or not to keep it; if he or she is not satisfied, the contract purchaser can receive a full refund for it.