IC60 MARINE CARGO INSURANCE UNDERWRITING - 01
| 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. |
| a) 50% |
| b) 60% |
| c) 80% |
| d) 100% |
| Q2.Which of the following key factors should be considered while handling a DSU proposal? |
| a) The total project cost broken up into the cost of machinery and erection |
| 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 |
| 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. |
| Q3.In 1850, Triton Insurance Company Limited, the first insurance company was set up in ___. |
| a) Mumbai |
| b) New Delhi |
| c) Calcutta |
| d) Hyderabad |
| 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 hereunder and shall be paid for accordingly unless proof conclusive to the contrary be established, it is understood that any containers, cases showing signs of damage are to be opened immediately on the cessation of risk hereunder? |
| a) Pair and Set Clause |
| b) Institute Cargo Clause |
| c) Airfreight Replacement Clause |
| d) Concealed Damage Clause |
| Q5.The difference between the value and the sum realized by sale of the vessel is : |
| a) The sound value of the vessel |
| b) The amount to be made good in general average |
| c) The commercial invoice rendered to the receiver |
| d) The book value of the vessel |
| Q6.Which warranties like the legality of subject matter from the basis of all contracts including contacts, such warranties are applied to all insurance contracts without any variations? |
| a) Implied warranties |
| b) Express warranties |
| Q7.In case of various consigners are affected due to operation of common peril, for saving a marine adventure; the loss would be apportioned by the declaration of |
| a) General average |
| b) Particular average |
| c) Average clause |
| d) None of the above |
| Q8.Certificates of endurance are issued in |
| a) Marine hull insurance |
| b) Marine cargo insurance |
| c) Engineering insurance |
| d) Workmen's compensation insurance |
| Q9.Which of the following are problems of Bulk cargo? |
| a) More than 50% of the losses of dry bulk cargo arise due to water ingress which is a direct outcome of the poor condition of the vessel's hatch-covers |
| b) Inappropriate stowage inside the vessel holds can lead to shifting of the cargo which could endanger the vessel during the voyage |
| c) There is a need to have competent surveyors supervising and quantifying the loading and unloading operations |
| d) All of the above |
| Q10.1) The marine cargo insurance contracts are easily transferable. 2) The marine cargo ins. policies are not transferable easily like other insurance covers. |
| a) 1 and 2 , both are incorrect |
| b) 1 is not correct |
| c) 2 is correct |
| d) 1 is not incorrect |