IC66 MARINE INSURANCE CLAIMS - 07
| Q1.Which of the following is correct? |
| a) Indemnity = Loss of GP during delay * Delay + Time Excess / Delay |
| b) Indemnity = Loss of GP during delay / Delay - Time Excess * Delay |
| c) Indemnity = Loss of GP during delay * Delay - Time Excess / Delay |
| d) Indemnity = Loss of GP during delay / Delay +Time Excess * Delay |
| Q2.Which Act states that no legal suit or proceedings against the common carrier can start if a written notice about the loss or damage to the consignment is given to the common carrier is not given within 180 days from the date of booking of the Consignment? |
| a) Section 16 |
| b) Section 18 |
| c) Section 20 |
| d) Section 22 |
| Q3.As per Section 64UM (2) of the Insurance ACT 1938, no claim for a loss that has occurred in India exceeding ____ can be settled by an insurer unless he has obtained a report of the loss from a licensed surveyor or loss assessor. |
| a) Rs.5,000 |
| b) Rs.10,000 |
| c) Rs.15,000 |
| d) Rs.20,000 |
| Q4.Which Act allows the common carrier to charge higher freight as compared to his normal rate of freight for shipment of any high vale cargo? |
| a) Section 11 |
| b) Section 15 |
| c) Section 19 |
| d) Section 24 |
| Q5.___ from many individuals across departments in an organization will be necessary for the successful implementation of any risk management exercise. |
| a) Communication |
| b) Co-operation |
| c) Commitment |
| d) Common-sense |
| Q6.Notice of abandonment is a prerequisite condition in case of |
| a) Actual Total Los |
| b) Contstructive Total Loss |
| c) Partial Loss |
| d) None of the above |
| Q7.Which among the following refers to bulk cargo? |
| a) Cargo packaged in containers |
| b) Cargo in huge quantities carried in 'unpackaged form' in the hold/tanks of the vessels. |
| c) Cargo transported by rail |
| d) Cargo transported by air |
| Q8.A Ship Repairers Liability Insurance (SRL) protect the ship repairer: |
| a) Against legal liability arising out of contracts |
| b) Arising out of negligent act or omission |
| c) Whilst carrying out repairs/refurbishment to vessels |
| d) All of the above |
| Q9.In Marine Open cover which of the following is incorrect. |
| a) It Provides automatic and continuous insurance protection to exporter/ importer. |
| b) It is an unstamped document. |
| c) Under open cover premium is payable on each declaration |
| d) Total sum insured is mentioned at the time of acceptance. |
| Q10.Which of the following statement about a Particular Average is incorrect? |
| a) Particular Average is a partial loss |
| b) Particular Average is a Voluntary loss |
| c) Under Particular Average it is essential that the loss or damage must have been accidental and fortuitously caused by an insured peril. |
| d) Particular Average can take the form of loss of part of the cargo or cargo arriving in damaged condition at the destination |