IC60 MARINE CARGO INSURANCE UNDERWRITING - 06
| Q1.A Marine Cargo policy is subject to an Excess of 1% per consignment. A loss to the tune of Rs 1 lakh happened in a consignment value of Rs 5 Lakh. Then the loss payable to the Insured will be |
| a) Rs 1 Lakh |
| b) Rs 95,000 |
| c) Rs 99,000 |
| d) Rs 50,000 |
| Q2.Which is not a policy in the strictest sense and it is an agreement between the insurer and the client who would be an importer or exporter? |
| a) Multi-Transit policy |
| b) Open cover |
| c) Closed policy |
| d) Specific policy |
| Q3.This can include a large variety of goods and the characteristic of this cargo is that it is loaded individually onto the vessel in its original packing and not in a container or in bulk? |
| a) Bulk Cargo |
| b) Light Cargo |
| c) Break-Bulk Cargo |
| d) Light-Bulk Cargo |
| Q4.Which of the following insurance policies does not require a formal proposal form |
| a) Marine Hull |
| b) Fire |
| c) Marine Cargo |
| d) Aviation |
| Q5.In 2100 B.C, the Code of Hammurabi set an interest rate called Bottomry at __. |
| a) 12% |
| b) 14% |
| c) 17% |
| d) 20% |
| Q6.In India, Marine Cargo Insurance was detariffed in the year |
| a) 1992 |
| b) 1993 |
| c) 1994 |
| d) 1998 |
| Q7.Under which circumstance will a claim not be admitted under a marine insurance policy where cargo contents are sent by post? |
| a) Loss of contents from packages delivered with seals intact |
| b) Non-delivery of cargo |
| c) Loss/damage from packages with seal opened |
| d) Loss arising out of wrong delivery deposit correct address being present on the package |
| Q8.Answer with regard to a premium payment for ship Builders' Risk Insurance. For policies fewer than___months, the installment facility is not available. Choose the most appropriate one. |
| a) 16 |
| b) 18 |
| c) 12 |
| d) 15 |
| Q9.Expand the term IACS. |
| a) Indian Association of Conveyance Societies |
| b) Indian Association of Classification Societies |
| c) International Association of Classification Societies |
| d) Indian Association of Cargo Shippers |
| Q10.Which exclusions states that in no case shall this insurance cover loss, damage, or expense arising from war, civil war, revolution, rebellion, insurrection or civil strife arising therefor, or any hostile act by or against a belligerent power? |
| a) Exclusion 5 |
| b) Exclusion 6 |
| c) Exclusion 7 |
| d) Exclusion 8 |