IC60 MARINE CARGO INSURANCE UNDERWRITING - 04
| Q1.Charters' liabilities are the___and liabilities of the charterer of a ship. |
| a) Marine and Hull |
| b) Ship and Voyage |
| c) Contractual and legal |
| d) Professional and Indemnity |
| Q2.Which version says that The insurer agrees that the Assured shall have full possession or control of all damaged goods bearing embossed or indented brands or labels or other permanent marketing which identify the Assured provided such damage is recoverable under the terms and conditions of this policy? |
| a) Version I |
| b) Version II |
| c) Version III |
| d) None of these |
| Q3.In the case of __, the entire container is stuffed with the cargo belonging to one shipper/consignor and this would mean that the cargo is in containers for the entire duration of the voyage including the inland leg, and hence can be considered to be a very safe option. |
| a) Full Container Load |
| b) Less than Container Load |
| c) Tank containers |
| d) None of these |
| Q4.Which represents the maximum liability of the insurer per conveyance for any claim arising out of one accident/incident or a series of accidents/ incidents arising out of the same event? |
| a) Limit per location |
| b) Limit per sending |
| c) Declarations |
| d) Inspection of records |
| Q5.A major problem associated with the movement of cargo by trucks is rampant overloading. Say whether True or False. |
| a) True |
| b) False |
| Q6.What plays an important role for a marine underwriter because of the risk exposures attached to it and from the INCOTERM chapter we have learned when the risk of consignor and consignee attaches and terminates and based on these what risk exposures consignor and consignee carry? |
| a) The vessel |
| b) Type of insurance cover |
| c) Voyage of transit |
| d) Type of packing |
| Q7.The security document consists of the average bond to be signed by consignee and GA guarantee, in lieu of cash deposit, to be signed by: |
| a) The cargo underwriters |
| b) The ship underwriters |
| c) The dock underwriters |
| d) All of the above |
| Q8.Which of the following are advantages of an open policy from the insured's standpoint? |
| a) All transits are held covered as long as there is adequate premium balance under the open policy |
| b) No necessity of running to the insurance company, every time a dispatch is to be made |
| c) Given the larger volumes, negotiation of better terms with insurers is possible. |
| d) All of the above |
| Q9.When IRDA was set up as an autonomous statutory body to regulate and develop the Indian Insurance Industry? |
| a) April 1991 |
| b) April 1994 |
| c) April 2000 |
| d) April 2005 |
| Q10.Which of the following is not one of the important components of an SBM system? |
| a) The body of the buoy |
| b) Product Transfer System |
| c) Mooring and Transfer System |
| d) Mooring and Anchoring system |