IC66 MARINE INSURANCE CLAIMS -15
| Q1.Subrogation in marine insurance refers to the transfer of |
| a) Right of recovery |
| b) Right of possession |
| c) Right of ownership |
| d) None of the above |
| Q2.The marine policies can be transferred by assignment unless expressly it is prohibited |
| a) they may be assigned either before or after the loss |
| b) they may be assigned only before the loss |
| c) they cannot be assigned at all |
| d) none of the above |
| Q3.Subrogation means : |
| a) Sharing the loss by the group of insurers |
| b) To make good the loss |
| c) Something which has a monetary value |
| d) Transfer of rights of an insured to another person |
| Q4.What is the transportation of goods under a single contract of affreightment but performed with at least two different means of transport? |
| a) Multimodal transport |
| b) Material damage |
| c) Common Carrier |
| d) Competent authority |
| Q5.If the vessel has sailed but the premium was not paid in advance, then the Insurance Company |
| a) Can give the coverage by accepting the premium |
| b) Can refuse the coverage |
| c) Can provide coverage on Ex Gratia basis |
| d) All of the above |
| Q6.PPI in marine signifies: |
| a) Policy proof of interest |
| b) Port package inundation |
| c) Package port indemnity |
| d) None of the above |
| Q7.Which of the following best describes 'mud'? |
| a) A-Rig |
| b) Blow-out |
| c) Well-out-control |
| d) A heavy fluid |
| Q8.Which of the following are incorrect with respect to underwriting members of Lloyd's? |
| a) Underwriting members are elected by the Council only after the most careful examination of their financial position. |
| b) An average test has to be passed by each underwriting member for election. |
| c) On election, underwriting members have to deposit with the Council some security for underwriting liabilities. |
| d) The securities deposited for underwriting liabilities remain in the custody of the Council until the whole of the member's liabilities has been discharged. |
| Q9.If a ship is 'missing', section 58 of the Act provides that if no news has been received after the lapse of a reasonable period, then: |
| a) The ship is presumed to be an actual total loss |
| b) The cargo on board is deemed to be an actual total loss |
| c) Both the above are presumed to be an actual total loss |
| d) Neither ship nor cargo is presumed to be an actual total loss |
| Q10.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 |