IC67 MARINE INSURANCE EXAM - 04
| Q1.The maximum limit of monetary liability payable by the MTO (Multimodal Transport Operator) for loss wherein no sea or inland waterway leg is involved in the transit is ___. |
| 1 SDR per kg |
| 2 SDR per kg |
| 5 SDR per kg |
| 7.77 SDR per kg |
| 8.33 SDR per kg |
| Q2.When the goods are 'Free on Board', to what extent is the responsibility of the seller? |
| The seller is responsible till the time the ship which is carrying the goods is at sea |
| The seller is responsible not at all responsible for the safety of the goods |
| The seller is responsible till the time the goods passes the ship’s rails till the cargo reaches its destination port |
| The seller is responsible till the time the goods are dispatched from his warehouse to the time it reaches the destination port |
| The seller is responsible till the time the goods are dispatched from his warehouse till loading of the cargo in the ship till the goods pass the rails of the ship |
| Q3.Two conditions are attached to the subject of insurable interest - which are they? |
| 1. The insurer must have an insurable interest in the object when the insurance is effected 2. He must have an interest in the object at the time of the loss |
| 1. The assured must have a reasonable expectation of acquiring an insurable interest in the object being insured 2. He must have an interest in the object at the time of the loss |
| 1. The insurer must have a reasonable expectation of acquiring an insurable interest in the object being insured 2. He must have an interest in the object at the time of the loss |
| 1. The assured must have an insurable interest in the object when the insurance is effected 2. Have a reasonable expectation of acquiring an insurable interest in the object |
| 1. The assured must have an insurable interest in the object when the insurance is effected 2. He must have an interest in the object at the time of the loss |
| Q4.Which classification society was established in India in 1975? |
| Indian Shipping Classification Society |
| Indian Register of Shipping |
| Lloyds Registry Indian Subsidiary |
| Indian Port of Registry |
| Indian Institute of Shipping |
| Q5.As per The Carriage by Air Act, in case of delay of either to goods or luggage, the maximum time limit for giving notice of claim for compensation is ___. |
| 3 days from the date when the consignment was expected to be delivered |
| 15 days from the date when the consignment was expected to be delivered |
| 7 days from the date when the consignment was expected to be delivered |
| 21 days from the date when the consignment was expected to be delivered |
| 30 days from the date when the consignment was expected to be delivered |
| Q6.If the policy/certificate makes a provision for settlement of claims abroad, the Lloyd's Agent can ___. |
| A Lloyd Agent has no role to play in such a case |
| transfer the claims to the home country for settlement as he cannot do so on behalf of the underwriters |
| transfer the claim to the underwriter, who then settles it |
| adjust and settle such claims on behalf of the underwriters concerned |
| transfer the claim to the concerned insurance company and arranges for a settlement |
| Q7.What do the Institute Warranties specify? |
| Registration warranty for fishing vessels |
| Limitations on the navigational limits for the insured ship |
| Classification requirements for the insured ship |
| Lay-up requirements for the ship which is insured |
| Insurance requirements for the insured ship |
| Q8.How did the Chinese merchants who were engaged in trade on the Yangtze river distribute their risk? |
| They used to distribute their cargo to different boats |
| By using the principle of 'Yogakshema' |
| By issuing Respondentia bonds |
| By issuing Bottmary bonds |
| By using the technique of General Average |
| Q9.What is the difference between Garbling Clauses and Institute Classification Clauses? |
| As per the Garbling Clause, the insurer will pay the cost of sifting, clearing, and separating sound material from the whole. As per the Institute Classification Clause, the insurer will pay the cost of re-baling both sound and damaged material. |
| As per the Garbling Clause, the insurer will pay the cost of sifting, clearing, and separating sound material from the whole. The Institute Classification Clause is applied where the name of the cargo-carrying vessel is not known-namely in cover notes and open covers |
| As per the Garbling Clause, the insurer will pay the cost of re-baling both sound and damaged material. The Institute Classification Clause is applied where the name of the cargo-carrying vessel is not known-namely in cover notes and open covers |
| As per the Garbling Clause, the insurer will pay the cost of picking sound material from the whole. As per the Institute Classification Clause, the insurer will pay the cost of re-baling both sound and damaged material. |
| As per the Garbling Clause, the insurer will pay the cost of picking sound material from the whole. As per the Institute Classification Clause, the insurer will pay the cost of sifting, clearing, and separating sound material from the whole. |
| Q10._____ should predominate the construction of a policy. |
| Technical and Non-technical terms used in the policy |
| Clauses under which the policy has been drafted |
| Various phrases used in the policy |
| The proper grammar used in the policy |
| The intention of the parties to the contract |