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 |