IC66 MARINE INSURANCE CLAIMS - 04
| Q1.Which of the following is/are essential features of Particular charges? |
| a) The charges must have been incurred shortly of the destination. e.g.at intermediate point or port |
| b) Charges must be incurred to avoid a loss covered by the policy or to minimize such loss |
| c) They must have been incurred only by the insured, his factors, servants, or assignee. |
| d) Peril insured against must have occurred for charges to be payable |
| Q2.Which among the following is not a policy in the strictest sense? |
| a) Specific policy |
| b) DSU policy |
| c) STOP policy |
| d) Open the cover |
| Q3.An effective step to avoid the situation of shortage claim is to arrange : |
| a) Bunker survey |
| b) Tally survey |
| c) Draft survey |
| d) Ullage survey |
| Q4.The difference between the value and the sum realized by sale of the vessel is : |
| a) The sound value of the vessel |
| b) The amount to be made good in general average |
| c) The commercial invoice rendered to the receiver |
| d) The book value of the vessel |
| Q5.Under the Major Ports Trust Act, 1963, the Board of the Port Trust shall not be responsible for any loss, destruction, damage, or deterioration of goods under its change unless notice of such loss damage is given within_____of the Board having taken charge of the goods. |
| a) Seven days |
| b) Ten days |
| c) Fourteen days |
| d) Fifteen days |
| Q6.Section 57 of the Act defines ___ as a loss to the cargo where the cargo per se losses its species or in other words, the damage is so severe that the cargo losses it is kind that were insured or insured irretrievably deprived of having the cargo. |
| a) Constructive Total Loss |
| b) Particular average loss |
| c) Partial loss |
| d) Actual total loss |
| Q7.In marine insurance, the insurable interest should be there |
| a) At the time of issuance of policy |
| b) At the time of payment of a claim |
| c) At the time of occurrence of the loss |
| d) None of the above |
| Q8.Where part of the goods insured by a valued policy is totally lost, the measure of indemnity is calculated as______. |
| a) Proportion of the sum fixed by the policy as the insurable value of the part lost bears to the insurable value of the whole |
| b) Proportion of market value of the insurable value of the part lost bears to the insurable value of the whole |
| c) Proportion of the sum fixed by the policy as the insurable value of the part lost bears to the market value of the whole |
| d) Proportion of market value of the insurable value of the part lost bears to the market value of the whole |
| Q9.Which of the following is not a Trade Clauses |
| a) Institute Replacement Clause |
| b) Institute Bulk Oil Clauses |
| c) Institute natural rubber Clause |
| d) Institute Coal Clauses |
| Q10.Under which of the following circumstances marine cover notes are issued: |
| a) Name of steamer not know |
| b) Number and date of railway receipt is not known |
| c) Number of packages involved in transit are not know |
| d) All of the above |