IC66 MARINE INSURANCE CLAIMS - 01
| Q1.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 |
| Q2.Which of the following is not relevant for General Average |
| a) Insured perils |
| b) York Antwerp rules |
| c) General average Act |
| d) None of the above |
| Q3.A marine policy must specify which of the following? |
| a) the voyage-matter insured and the risk insured against |
| b) the sum or sums insured |
| c) the name or names of the insurer or insurer |
| d) All of the above |
| Q4.In marine insurance, if either of the party does not follow utmost good faith |
| a) the contract is void. |
| b) The contract is valid |
| c) The contract becomes voidable |
| d) None of the above |
| Q5.Expand the term CSS Code with reference to marine cargo insurance. |
| a) Code of safe practice for cargo stowing and; securing |
| b) Code of safe practice for cargo steering and securing |
| c) Code of safe practice for cargo stowing and steering |
| d) Code of safe practice for cargo staking and securing |
| Q6.What were the Statutory Time Limitations on the Recovery of Port Authority for filing claims? |
| a) 7 days from date of discharge |
| b) 15 days from the date of discharge |
| c) 30 days from date of discharge |
| d) 45 days from the date of discharge |
| Q7.Which of the below is correct with regards to regards to bearing of the general average loss? |
| a) It is to be borne by the insurance company |
| b) It is shared by all parties to the venture |
| c) It is to be borne by the consignor |
| d) It is to be borne by the consignee |
| Q8.While drafting the policy document, underwriter, in case of ____, the maximum liability of underwriter would be maximum insurable value. |
| a) Valued policy |
| b) Unvalued policy |
| Q9.Sue and Labour clause is |
| a) The amount and labor incurred in filing a suit |
| b) Payable even after total loss is paid |
| c) GA losses can be recovered under this clause |
| d) The cost incurred in averting or minimizing any loss |
| Q10.The Insurance Act, 1938 requires that claims exceeding Rs. 20,000 should be surveyed by a surveyor holding a valid license from the controller of insurance. |
| a) Rs. 20,000 |
| b) Rs. 40,000 |
| c) Rs. 50,000 |
| d) Rs. 10,000 |