IC67 MARINE INSURANCE EXAM - 02

Jul 4, 2022 - 05:54
Sep 7, 2022 - 06:07
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Q1.For Fishing and Sailing vessels hull insurance, which additional document is required along with the proposal form?
   Registration Certificate
   Valuation Certificate
   Pre-insurance survey report
   Details of arrears of loan payments
   Form B
 
Q2.What type of warranty is - “Warranted sailing within 7 days”?
   Express Warranty
   Implied Warranty
   Promised Warranty
   Subrogation Warranty
   Material Warranty
 
Q3.What is the reward known as which is payable to third parties who voluntarily render services to save maritime property at sea?
   Goodwill charges
   Amount made good
   Contributing values
  Sue and labor charges
   Salvage charges
 
Q4.Which of these documents is NOT required for the settlement of fishing vessel hull claims?
   Copies of correspondence exchanged with carriers
  Surveyor Investigation report
  Certificate of cancellation of registration of the vessel in respect of total loss claim
   Affidavits and statements by the owner made to any of the authorities
   Registration Certificate issued by the concerned authorities
 
Q5.Consider the following case and determine the liability of MMM Reinsurance Company. - DDD Insurance Company contacted MMM Reinsurance Company and entered into a surplus share treaty reinsurance agreement with them. DDD Security set a retention limit (line) of Rs 200000 and MMM agreed to reinsure up to 5 times (Rs 10,00,000). DDD Security wrote a Rs 100000 marine insurance policy and a loss of Rs 30000 occurred. Calculate the liability of MMM Reinsurance Company?
   DDD insurance and MMM Reinsurance will share the losses 50:50 i.e. Rs 15000 each
  DDD insurance is liable for the entire loss of Rs 30000 and there will be no liability to MMM reinsurance
   DDD insurance is liable for 1/5th of the loss i.e. Rs 6000
   DDD insurance is liable for only 1/5th of the sum assured
  DDD insurance will not be liable for the loss under the surplus share treaty
 
Q6.Roshan had shipped fruits like Oranges and Apples for which he had taken a cargo policy. On arrival at the destination, it was found that there was a reduction in the weight although the seals of crates in which the fruits were shipped were fully intact. What type of claim can Roshan lodge?
  Rohan can lodge a claim and this will enable him to get compensation equal to the weight loss of the apples
  Rohan can lodge a claim and this will enable him to get compensation like compensation for total loss
   Rohan can lodge a claim and this will enable him to get compensation in accordance with the provisions under ICC (B).
   Rohan can lodge a claim and this will enable him to get compensation in accordance with the provisions under Marine Insurance Act, 1963
  Such a loss is not covered by the insurance and cannot be claimed as it is an ordinary loss that occurred due to the nature of the subject matter
 
Q7.Which of the following statements id correct with respect to claims for losses when goods are sent by Registered Post?
   If the registered post is lost, a claim in the form of an affidavit must be immediately filed with the postal authorities
   If the registered post is lost, a claim in the form of an affidavit must be filed with the postal authorities within 30 days
   If the seal is found to be broken during delivery, then no claim is admitted for loss of contents from packages
   A claim for non-delivery can be made even if the address is incomplete on the package
  A post office receipt is not compulsorily to be submitted for making a claim for non-delivery
 
Q8.Whenever a proposal becomes a policy, the details of which document are incorporated in the policy document.
   Premium Note
   Cover Note
   Declaration Form
   Memorandum
   Consignment note
 
Q9.Provisions of which of the clauses are used for PURE INLAND TRANSIT in India (not in conjunction with overseas voyage)?
   American Clauses
   Marine Transit Risks Clauses
   Institute cargo marine clauses
   Inland Transit Risks Clauses
   Marine cargo clauses
 
Q10.The CONSIDERATION or RETURN for the insurers for acceptance of risk is known as __.
   Risk Money
   Proposal
   Reward
   Premium
   proposal

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