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

Practice of General Insurance

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