IC60 MARINE CARGO INSURANCE UNDERWRITING - 03
| Q1.Statement 1. The Term Goods, in marine cargo policy, means goods in the nature of merchandise including personal effects or provisions and stores for use onboard Statement 2. In the absence of any usage to the contrary, deck cargo and living animals must be insured specifically and not under the general denomination of the goods, in marine insurance. |
| a) Both 1 and 2 are correct |
| b) Both 1 and 2 are incorrect |
| c) Only 2 is correct |
| d) Only 1 is correct |
| Q2.Subrogation in marine insurance refers to the transfer of |
| a) Right of recovery |
| b) Right of possession |
| c) Right of ownership |
| d) None of the above |
| Q3.What is a cargo that is transported in large quantities? |
| a) Ullaging |
| b) Liquid cargo |
| c) Bulk Cargo |
| d) Solid Cargo |
| Q4.In marine insurance, an insured may abandon the subject matter to the insurers and claim a Constructive Total Loss. Say whether True or False. |
| a) True |
| b) False |
| Q5.Which insurance is needed for safety, business requirements, and avoidance of large financial losses in case of contingent events? |
| a) Fire insurance |
| b) Crop insurance |
| c) Marine insurance |
| d) Life insurance |
| Q6.What is the reason for major losses in the transportation of cargo? |
| a) Theft, pilferage, and non-delivery |
| b) H and ling and stowage losses |
| c) Water damage |
| d) All of the above |
| Q7.Which is issued when some of the packages are found damaged at the time of loading or where there are missing quantities? |
| a) Straight Bill of Lading |
| b) Claused Bill of Lading |
| c) Ocean Bill of Lading |
| d) Clean Bill of Lading |
| Q8.Expend the term CPT. |
| a) Cess paid To |
| b) Carriage paid To |
| c) Carry Post Transfer |
| d) Check Post Transfer |
| Q9. Which section of the Marine Insurance Act, 1906 laid down the position of parties to any marine insurance contract where they are expected to disclose material facts about the subject matter which form the core of such insurance contract? |
| a) Section 15 |
| b) Section 16 |
| c) Section 17 |
| d) Section 18 |
| Q10.In which of the following insurance the principle of indemnity is modified. |
| a) Public Liability |
| b) Fidelity Guarantee |
| c) Marine Cargo |
| d) Baggage insurance |