IC67 MARINE INSURANCE EXAM - 05

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Q1.As a precaution against maritime fraud, banks should make use of the ___.
   Global Shipping Index
   Indian Shipping Index
   Moore Shipping Index
   Baltic Dry Index
   Lloyd's Shipping Index
 
Q2.In cost and freight policy, the seller's responsibility is up to ____.
   The Ship's rails
   The FOB point
   The warehouse gate
   The delivery of goods to buyer's nominated place in buyer's country
  The buyer's warehouse
 
Q3.Which policy can also be called an 'All Risks' policy based on the maximum number of risks covered as compared to other policies?
   Insurance under Institute Cargo Clauses (A)
   Insurance under Institute Cargo Clauses (B)
   Insurance under Institute Cargo Clauses (C)
   Insurance under Institute Cargo Clauses (D)
   Insurance under Institute Cargo Clauses (E)
 
Q4.Which are the two types of Excess Loss Covers?
   Working Covers and Pooling Covers
   Working Covers and Non-working Covers
   Working Covers and Open Covers
   Working Covers and Catastrophic Covers
   Working Covers and Inland Covers
 
Q5.In ____ payment method, title to the goods usually passes from the seller to the buyer prior to the payment and subjects the seller to risk of default by the buyer.
   Cash in advance
   Open Account
   Sale against Letter of Credit
   Down Payment
   Consignment purchase
 
Q6.__ is a temporary document evidencing that insurance has been granted pending the issue of the policy.
   Proposal
   Declaration form
   Marine Cover Note
  The standard form of marine policy
   Endorsement
 
Q7.As per the Insurance Act 1938, for marine insurance taken in India, when should the proposer submit the premium for his policy to the insurance company?
   Before the commencement of transit
   At the time of loading of goods
   Once the goods are loaded in the vessel
   After commencement of transit
   At the completion of transit
 
Q8.__ is a forum to exchange experience, information, and statistical data on marine insurance matters and to debate, in an objective and conducive way, the challenges, and opportunities facing marine insurers.
   IRDA
   IUA
  YUMI
  IMDB
   GIC Re
 
Q9.In a __ contract, the seller will be responsible for the delivery of the goods to a nominated place.
   CIF
   CFR
   CNF
   DAP
   FOB
 
Q10.Which of the following statements is correct with regard to policies printed in red color?
   Clauses printed in red override those printed in black
   Clauses printed in blue override those printed in red
  Clauses printed in red override those printed in any color
  Clauses printed in red do not override those printed in black; printing in red color is aimed at emphasis only
   None of the above

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