Miscellaneous Insurance IC-78 Exam Study Notes

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Directors other than salaried are not included in the definition of employees.
The limit should not exceed Rs.5 lakhs or 10 percent of the sum insured under Section I, whichever is less.
The insurers liability respect of each such agent is limited to 5 percent of the basic sum insured or Rs.10,000 whichever is less.
The insurers has to furnish to the insurers full details of the loss, within 14 days of the event coming to his knowledge.
It is to be noted that the policy is on discovery basis and not on occurrence basis.

Miscellaneous insurance Exam