IC67 MARINE INSURANCE EXAM - 07

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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

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