IC67 MARINE INSURANCE EXAM - 07
Q1.Which of the following statement is INCORRECT with respect to underwriting members of Lloyd's? |
The securities deposited for underwriting liabilities remain in the custody of the council until the whole of the member's liabilities have been discharged |
On election, underwriting members have to deposit with the Council some security for underwriting liabilities |
An average test has to be passed by each underwriting member of the council |
Underwriting members are elected by the Council only after the most careful examination of their financial position |
None of the above |
Q2.In the case of Institute Time Clauses - Hull 1.10.83, if there is a claim then with regard to Deductible (Clause no. 12), which of the following statements is true? |
If the amount of claim is more than the deductible, then nothing is payable |
If the amount of claim is more than the deductible, then the entire claim amount is payable |
If the amount of claim is more than the deductible, then the entire amount is payable |
If the amount of claim is more than the deductible, then only the amount which is in excess of the deductible is payable |
If the amount of claim is more than the deductible, then half the claim amount is payable |
Q3.The __ is a rate percent applied to the insured value of the vessel and is thus conditioned mainly by the value factor of the ship. |
Ex TL |
DWT |
DT |
Total Loss rate |
GT |
Q4.Which of these goods can be packed in bales? |
Cotton |
Fruits |
Oil |
Chemicals |
Machinery |
Q5.For pure inland transit within the country by rail or road (not in conjunction with overseas voyage), Inland Transit Risks Clauses drafted by __ are used. |
Tariff Advisory Committee (TAC) |
Lloyd's Agent |
Insurance Regulatory and Development Authority (IRDA) |
General Insurance Council (GIC) |
Indian Insurance Association (IIA) |
Q6.What is the basis of settlement for package policy for coffee? |
The market value of coffee insured less unincurred expenses as per formula prescribed in the Tariff |
Value of coffee in Brazil market insured less unincurred expenses as per formula prescribed in the Tariff |
Future value of coffee insured less incurred expenses as per formula prescribed in the Tariff |
Swap value of coffee insured less unincurred expenses as per formula prescribed in the Tariff |
Spot value of coffee insured less incurred expenses as per formula prescribed in the Tariff |
Q7.What is the notice period for cancellation of 'Open Cover' for marine risk? |
7 days' notice |
15 days' notice |
30 days' notice |
45 days' notice |
48 days' notice |
Q8.____ is calculated based on the molded volume of all enclosed spaces of the ship. |
PWT |
GT |
DT |
DWT |
Ex TL |
Q9.For marine insurance, banks abide by the 'Uniform Customs and Practice for Documentary Credits issued by the ___. |
Insurance Regulatory and Development Authority - IRDA |
Reserve Bank of India - RBI |
Lloyds Agent |
Institute Cargo Clauses - ICC |
International Chamber of Commerce - ICC |
Q10.What is the duration of the cover of an insurance policy provided under the Institute War Clauses (Air Cargo)? |
Cover continues during the ordinary course of air transit and terminates as the goods are discharged from the aircraft at the destination airport, but subject to a time limit of 15 days from midnight of the day of arrival of the aircraft at such place |
Cover continues during the ordinary course of air transit and terminates as the goods are discharged from the aircraft at the destination airport, but subject to a time limit of 10 days from midnight of the day of arrival of the aircraft at such place |
Cover continues during the ordinary course of air transit and terminates as the goods are discharged from the aircraft at the destination airport, but subject to a time limit of 7 days from midnight of the day of arrival of the aircraft at such place |
Cover continues during the ordinary course of air transit and terminates as the goods are discharged from the aircraft at the destination airport, but subject to a time limit of 3 days from midnight of the day of arrival of the aircraft at such place |
Cover continues during the ordinary course of air transit and terminates as the goods are discharged from the aircraft at the destination airport |