IC66 MARINE INSURANCE CLAIMS - 09

Que. 1 : Q1) In case of Marine Insurance, which one of the statement is correct with respect to GRT of the ship

   1.  a) Risk increases with the increase in GRT

   2.  b) Risk decreases with the decrease in GRT

   3.  c) Risk decreases with the increase in GRT

   4.  d) The GRT does not play any role on risk

Que. 2 : Q2) Further surveyors are expected to issue a ______________ to the insured listing out the documentation that needs to be provided in support of their claim and which will be needed in quantification / assessment of the claim.

   1.  a) Letter of credit

   2.  b) Claims documentation

   3.  c) Letter of Requirement

   4.  d) None of these

Que. 3 : Q3) As per the Central Excises Act, while excises is levied on manufacture, the duty is collected on_____________.

   1.  a) Movement of goods from one state to another

   2.  b) Removal of goods from the factory

   3.  c) Commencement of the manufacturing process

   4.  d) Sale of goods

Que. 4 : Q4) An underwriter can underwrite which of the following?

   1.  a) High severity low frequency type of proposal with right terms and conditions

   2.  b) High frequency and low severity type of proposal with an adequate deductible

   3.  c) But the underwriter might be wary to underwrite a high severity and high frequency type of proposal because of the non-insurable nature of the risk

   4.  d) All of the above

Que. 5 : Q5) The term freight means

   1.  a) the profit derived by a ship owner from the employment of ship

   2.  b) freight earned at port of origin.

   3.  c) freight earned at the port of destination.   

  4.  d) all the above.