Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Marine hull insurance covers damage to actual structure of the vessel. It does not cover loss or damage to the cargo carried by it.
Consequential loss policy provides cover for loss of gross profit due to stoppage of production.
For the purpose of insurance, motor vehicles are classified into three broad categories: (a) private cars, (b) motor cycles and motor scooters and (c) commercial vehicles.
The Motor Vehicles Act (1988) prescribes rules and regulations for licensing, use and insurance of all types of vehicles.
Important documents in motor insurance include: certificate of insurance, cover notes, policy of insurance.
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