IC67 MARINE INSURANCE EXAM - 05
| 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 |