IC66 MARINE INSURANCE CLAIMS - 05
| Q1.Which of the following is/are essential features of Sue and Labour charges? |
| a) Charges must be incurred to avoid a loss covered by the policy or to minimize such loss |
| b) They must be incurred by the insured or any other person acting |
| c) The charges must have been incurred shortly after the destination. e.g.at intermediate point or port |
| d) Expenses must be incurred for the benefit of the subject-matter insured and not for common expenditure |
| Q2.___ is the transfer of rights, titles, interests, and property, including liabilities in favor of the insurers. |
| a) Subrogation |
| b) Abandonment |
| c) Contribution |
| d) Proximate cause |
| Q3.Which survey is a means of determining the weight of any materials being loaded into (or discharges from ) a vessel? |
| a) Bunker surveys |
| b) Tally surveys |
| c) Draft surveys |
| d) Ullage surveys |
| Q4.In the case of delay, the complaint must be made at the latest within ____ from the date on which the luggage or goods have been placed at his disposal(Article 26). |
| a) 7 days |
| b) 14 days |
| c) 21 days |
| d) 35 days |
| Q5.The subject matter of insurance of marine insurance is |
| a) ship and goods |
| b) freight and profits |
| c) disbursement and wages |
| d) all the above |
| Q6.Which of the following Acts codifies the law relating to marine insurance? |
| a) Insurance Act 1938 |
| b) IRDA Act, 1999 |
| c) Institute Cargo Clauses, 1982 |
| d) Marine Insurance Act, 1963 |
| Q7.Which among the following statement is not true with regards to War and Strikes Risk Insurance scheme? |
| a) The scheme was introduced in the year 1976, by the Government of India |
| b) The scheme applies to mechanized sailing vessels |
| c) The scheme is applicable to all ships registered under part V of the Marine Insurance Act, 1963 |
| d) The scheme is on a voluntary basis and the choice of participating in the scheme is left to individual ship-owners. |
| Q8.While drafting the policy document, the underwriter, in the case of a Valued policy, always puts in a limit which is the maximum liability of the underwriter in the event of any partial loss or total loss. For an unvalued policy, the maximum liability of the underwriter would be the maximum insurable value. In the act, it is called ____. |
| a) Insurable Interest |
| b) Subrogation |
| c) Particular average |
| d) Measure of Indemnity |
| Q9.Which one of the following is not covered under Marine Delay in Start-Up (MDSU) covers? |
| a) Material Damage |
| b) Fortuitous event to L and Conveyance |
| c) Uncontrollable Maritime events |
| d) Non-financial losses |
| Q10.Which is a specialized branch of marine insurance dealing with liabilities of various interests associated with the shipping industry and maritime trade? |
| a) Marine Liabilities |
| b) Marine Cargo insurance |
| c) Marine Hull Insurance |
| d) Marine Du |