IC60 MARINE CARGO INSURANCE UNDERWRITING - 01

Que. 1 : Q1) The underwriter must insist on loss control measures to avoid losses and also have in place suitable terms and conditions in the policy to avoid paying ___________ of the cargo value in case of any loss.

   1.  a) 50%

   2.  b) 60%

   3.  c) 80%

   4.  d) 100%

Que. 2 : Q2) Which of the following key factors should be considered while handling a DSU proposal?

   1.  a) The total project cost broken up into cost of machinery and erection

   2.  b) Period of indemnity represents the number of months, which the insured estimated will be the delay in completion of the project, if any physical loss or damage happens to any critical machinery during transit

   3.  c) The project period i.e. the date of commencement of the project and the estimated date of completion of the project. These details can be obtained from the project schedule charts.

   4.  d) All of the above

Que. 3 : Q3) In 1850, Triton Insurance Company Limited, the first insurance company was set up in _________.

   1.  a) Mumbai

   2.  b) New delhi

   3.  c) Calcutta

   4.  d) Hyderabad

Que. 4 : Q4) Which Clause agreed that any loss or damage discovered on opening containers, cases and/or packages shall be deemed to have occurred during the transit insured here under and shall be paid for accordingly unless proof conclusive to the contrary be established, it being understood that any containers, cases showing signs of damage are to be opened immediately on the cessation of risk hereunder?

   1.  a) Pair and Set Clause

   2.  b) Institute Cargo Clause

   3.  c) Airfreight Replacement Clause

   4.  d) Concealed Damage Clause

Que. 5 : Q5) The difference between the value and the sum realised by sale of the vessel is :

   1.  a) The sound value of the vessel

   2.  b) The amount to be made good in general average

   3.  c) The commercial invoice rendered to the receiver

   4.  d) The book value of the vessel