IC60 MARINE CARGO INSURANCE UNDERWRITING - 11

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Q1.Which document in the absence of a specific policy helps the bank to authenticate the existence of insurance cover and relate it to the documentary bill?
   a) Certificate of Incorporation
   b) Certificate of Insurance
   c) Certificate of college
   d) None
 
Q2.What is the change made to Risk Clauses of ITC-B as per SRCC 2009?
  a) Damages caused by persons acting from a political motive are now not a part of the new SRCC clause
  b) Damages caused by persons acting from an ideological and religious purpose are now not a part of the new SRCC clause
  c) Damages caused by persons acting from a political motive are now also a part of the new SRCC clause
  d) Damages caused by persons acting from an ideological and religious purpose are now also a part of the new SRCC clause
 
Q3.Insurable interest has been defined by which section as a legal or financial interest of a party in a subject matter of insurance where he/she will be prejudice with the loss or detention to such subject matter and will gain from the safe arrival of the subject matter?
   a) Section 4 of Marine Insurance Act, 1906
   b) Section 5 of Marine Insurance Act, 1906
   c) Section 6 of Marine Insurance Act, 1906
   d) Section 7 of Marine Insurance Act, 1906
 
Q4.In which credits, where a second bank in addition to the buyer's bank guarantees payment?
   a) Unconfirmed Credits
   b) Confirmed Credits
   c) Revocable Credit
   d) Irrevocable Credit
 
Q5.Which type of cargo is likely to be the most preferred choice for marine insurance underwriting?
   a) Containerised
   b) Break Bulk
   c) Bulk
   d) Over Dimensional
 
Q6.Institute War clauses do not cover losses caused by
  a) capture, seizure restraint, detainment arising from war, and war-like operations.
   b) Drifting Derelict mines or bombs or other derelict weapons of war
   c) loss of the voyage or adventure by reason of operation of war risks
   d) None of the above
 
Q7.Which are specified by way of the insuring clauses mentioned in and attached to the policy and most of these clauses are international in nature like the Institute Cargo Clauses?
   a) Schedule
   b) Certificate of Insurance
   c) Time Table
   d) Terms of cover
 
Q8.There are some cargo with zero residual value or which become total losses or which have to be treated as _____ even if the damage is only partial.
   a) Thief attractive
   b) Constructive Partial Loss
   c) Residual value
   d) Constructive Total Loss
 
Q 9. Which Cargo requiring temperatures above or below the freezing point is transported in refrigerated containers also called reefers and the container has a compact-design compressor unit with an air-cooled condenser?
   a) Ventilated Containers
   b) Refrigerated Containers
   c) Flat Rack Containers
   d) Tank Containers
 
Q10.Under the Institute Cargo Clauses, the risk commences
  a) When an invoice is received
   b) From the Time the Lorry receipt is issued
   c) When the Cargo leaves the warehouse of the consignor
   d) None of the above

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