Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Burglary Insurance - Damage to insured property or premises by burglars. Property insured is covered only when it is lost from the insured premises and not from any other premises
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.
Burglary means the unforeseen and unauthorised entry to or exit from the insured premises by aggressive and detectable means with the intent to steal contents there from.
Fidelity guarantee insurance - indemnifies employers against the financial loss suffered by them due to fraud or dishonesty of their employees by forgery, embezzlement, larceny, misappropriation and default
Fidelity Guarantee - Blanket policy - covers the entire staff without showing names or positions. No enquiries about the employees are made by the insurers. Such policies are only suitable for an employer with a large staff
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