IFMP Non-Life Insurance Agents Certification (NLIAC), Pakistan case studies
IFMP Non-Life Insurance Agents Certification (NLIAC), Pakistan · Put your knowledge to work in context.
The Non-Life Insurance Agent's Course is one of the Insurance Certifications listed by the Institute of Financial Markets of Pakistan (IFMP), appearing alongside the Life Insurance Agent's Course, Authorized Surveying Officers, Bancassurance Certification, BancataKafol Certification, Family Takaful Agents Certification and General Takaful Certification. IFMP describes itself as Pakistan's first securities market institute, established as a permanent platform to develop quality human capital for financial markets and to create standards among market professionals, and it states that it conducts licensing examinations leading to certifications for different segments of financial markets. The IFMP Non-Life Insurance Agents Certification (NLIAC), Pakistan case studies are 5 cases and about 4,119 words.
1The Faisalabad Yarn Godown: Average, a Sprinkler Warranty and an Undisclosed Claim
Rashid Traders insures a cotton-yarn godown in Faisalabad with a private general insurer for PKR 80 million on a reinstatement-value basis: building PKR 30 million, stock PKR 50 million. The proposal form asks for the value of stock and records 'no claims in the last five years'.
836 words, about 4 min2School Van in Karachi: Misdescribed Use, Expired Licence and a Fatal Third-Party Claim
Al-Noor Transport insures a 2019 Toyota Hiace (14 seats) in Karachi for PKR 4.2 million. The proposal and schedule describe the use as 'private use – own goods', but the van is in fact on a written contract carrying schoolchildren twice daily for a monthly fee.
823 words, about 4 min3CIF Machinery into Karachi: Seawater, Inadequate Packing and a General Average
Indus Machinery (Pvt) Ltd, Karachi, buys a used CNC machining line from a Shanghai supplier on CIF Karachi terms, invoice value USD 400,000. Under the CIF contract the seller arranges marine cargo cover with a Pakistani insurer for 110% of CIF value (USD 440,000) on Institute Cargo Clauses (A).
845 words, about 4 min4Boiler Commissioning in Lahore: Defective Welding, Hot Testing and Liquidated Damages
Punjab Boilers is erecting a 40-tonne steam boiler for a textile mill in Lahore under a PKR 1.2 billion contract. It holds a Contractor's All Risks policy for the 24-month construction period, including a hot-testing endorsement for four weeks.
801 words, about 4 min5Mango Pulp Contamination: Occurrence Trigger, Aggregation and Late Notification
Sunripe Foods, a mango-pulp processor in Faisalabad, holds a public and product liability policy written on an occurrence basis: limit PKR 25 million each occurrence, PKR 50 million aggregate, deductible PKR 0.5 million each and every claim. In November 2023 its own laboratory found high microbial counts in a batch of pulp, but the batch was released.
814 words, about 4 min