IC67 MARINE INSURANCE EXAM - 02
|Q1.For Fishing and Sailing vessels hull insurance, which additional document is required along with the proposal form?
|Pre-insurance survey report
|Details of arrears of loan payments
|Q2.What type of warranty is - “Warranted sailing within 7 days”?
|Q3.What is the reward known as which is payable to third parties who voluntarily render services to save maritime property at sea?
|Amount made good
|Sue and labor 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.
|Q9.Provisions of which of the clauses are used for PURE INLAND TRANSIT in India (not in conjunction with overseas voyage)?
|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 __.
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