IC67 MARINE INSURANCE EXAM - 03
| Q1.How much will be the stamp duty payable for a cargo policy for a voyage other than a sea voyage and where the sum insured is Rs. 2000? |
| 10 paise |
| 25 paise |
| 50 paise |
| 75 paise |
| Re. 1 |
| Q2.The Cargo ISM Endorsement is about the safety aspect to be compulsorily complied with by, among others, cargo ships of __ or more. |
| 1000 Gross Tonne (GT) |
| 800 Gross Tonne (GT) |
| 500 Gross Tonne (GT) |
| 300 Gross Tonne (GT) |
| 250 Gross Tonne (GT) |
| Q3.Which international policy is taken mainly for commodity trade where sales on high seas is very common? |
| Buyers contingency insurance |
| Freight contingency insurance |
| Floating policy |
| Sales turnover insurance |
| Increased value insurance |
| Q4.What is specified in Institute warranties? |
| Classification requirements for the insured ship |
| Registration warranty for fishing vessels |
| Insurance requirements for the insured ship |
| Lay-up requirements for the ship which is insured |
| Limitations on the navigational limits for the insured ship |
| Q5.Assembling of one or more packages or items into a compact load, secured together and provided with skids for easy handling. What is this process known as? |
| Palletizing |
| Shipping |
| Unitising |
| Containerization |
| Bailing |
| Q6.A documentary credit is a signed instrument, embodying an undertaking by the ____ of a buyer to pay his seller a certain sum of money on presentation of certain documents. |
| Insurer |
| Underwriter |
| Supplier |
| Banker |
| Debtors |
| Q7.A duty is imposed on the assured by the common law that he should at all times act as if he were uninsured. In other words, he should take all reasonable measures to avert or minimize a loss to his property. What is this clause known as? |
| Sue and Labour |
| Indemnity |
| Good faith |
| Subrogation |
| Particular average |
| Q8.Mr. Anil Sood has declared the value of the goods to be Rs. 800000 and has taken an Annual Policy for his goods. These goods were damaged in transit. Later it was found that the value of the goods should have been Rs. 1000000. Scrutinize this situation and choose the correct option - |
| Mr. Anil Sood shall have to bear the total loss of Rs. 1000000 |
| Mr. Anil Sood can pay an extra premium and his total loss shall be reimbursed |
| These goods will get forfeited due to the wrong declaration |
| Mr. Anil Sood shall have to bear the extra loss of Rs. 200000 |
| Mr. Anil Sood will not get any claim due to the wrong declaration |
| Q9.Which of the below options is a set of rules for issuance and use of letters of credit? |
| MOU in Letter of credit |
| Principles and Practices in Letter of credit |
| International credit guidelines |
| Rules for documentary credit |
| Uniform Customs and Practice for Documentary Credits |
| Q10.In the 'LABLE CLAUSE,' the insurer’s liability is restricted to the cost of ___. |
| Concealed Damage |
| Garbling |
| Re-labeling |
| Disposing |
| Picking |