Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Compulsory Public Liability Policy - Public Liability Insurance Act, 1991 imposes liability on no fault basis on those who handle hazardous substances if a third party is injured or his property is damaged during the course of such handling. Compensation payable - Fatal Accident & Permanent Total Disability - Rs. 25,000. Temporary Partial Disablement - Rs. 1000 per month, maximum 3 months. Actual Medical Expenses - Upto a maximum of Rs. 12,500, Actual damage to property up to Rs. 6,000
Public Liability Policy (Industrial / Non-industrial Risks) - covers liability arising out of fault / negligence of the insured causing third party personal injury or property destruction [TPPI OR TPPD]
Risks are categorised into 4 groups depending upon the hazard factors involved.
Group I: Biscuit factories, Coir factories, Glass & Ceramic factories, Silk factories etc.
Group II: Breweries, Cigarette factories, Shoe factories, Sugar factories etc.
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