IC67 MARINE INSURANCE EXAM - 08
| Q1.During a war, if the contract of carriage is terminated and the goods are discharged short of destination, what options does the assured have with the goods? |
| Since the goods were discharged short of destination, the assured can send legal notice to the carriage owner |
| As the war is in force, the goods will remain on the carriage till the war is over |
| The goods may be sold locally or forwarded by some other means to the destination named in the policy |
| The assured can request the carriage owner to buy the goods at a mutually agreed price |
| The shipowner and the assured have to wait for the war to get over and then the goods will be discharged at the destination |
| Q2.Sometimes, due to overbooking, etc., some cargo is short shipped as there is a lack of space on the ship. This is known as ___. |
| Overflow Cargo |
| Shutout Cargo |
| Excess Cargo |
| Overloaded Cargo |
| Overbooked Cargo |
| Q3.Mr. A has sold some goods to Mr. B and sends these goods on CIF (Cost, Insurance and Freight) basis. In this trade, who will arrange for the insurance cover? |
| Mr. A has to arrange the insurance up to the destination |
| Mr. A has to arrange the insurance up to placing goods on board the steamer |
| It's the responsibility of Mr. B after the goods are placed on board the steamer |
| Mr. B has to arrange the insurance up to placing goods on board the steamer |
| Mr. B has to arrange the insurance up to the destination |
| Q4.When does the cover of insurance come into force for goods sent through Registered Post? |
| The insurance cover comes into force from the time the goods are delivered to the seller as mentioned in the policy |
| The insurance cover comes into force from the time the insured goods are loaded on the vehicle which will transport them to the post office |
| The insurance cover comes into force when the insured fills up the Declaration Form and submits it to the concerned post office |
| The insurance cover comes into force from the time the insured goods are deposited at the post office at the place mentioned in the policy |
| The insurance cover comes into force from the time the goods are manufactured and stored at the sellers' place and are ready to be dispatched to the post office |
| Q5.The goods which were in a ship are declared to be missing. This is an example of __. |
| Salvage Total Loss |
| General Average Loss |
| Particular Average Loss |
| Actual Total Loss |
| Constructive Total Loss |
| Q6.Identify the correct statement with respect to 'Cessation of the War Risks cover'. |
| War Cover ceases when the goods are discharged from the overseas vessel |
| War Cover ceases when the goods get loaded on to the trucks to be transported to the vessel |
| War Cover ceases if the unloading of the goods is delayed beyond 3 days after the overseas vessel reaches the destination port |
| War Cover ceases if the unloading of the goods is delayed beyond 7 days after the overseas vessel reaches the destination port |
| War Cover ceases when the goods get loaded onto the vessel |
| Q7.With respect to Marine Open Cover, which of these statements is NOT correct? |
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| (d) There are two limits in Open Cover and Limit per bottom and Limit per location | ||
| (e) Marine Open Cover provides continuous insurance protection to regular importers and exporters | ||
| Q8.Under the COGSA Act 1925, the maximum time limit to file a suit for claiming losses from a carrier is ___. |
| The maximum time is within 15 days after delivery of goods or the date when the Goods should have been delivered |
| The maximum time is within 1 month after the delivery of goods or the date when the Goods should have been delivered |
| The maximum time is within 3 months after delivery of goods or the date when the Goods should have been delivered |
| The maximum time is within 6 months after delivery of goods or the date when the Goods should have been delivered |
| The maximum time is within 1 year after delivery of goods or the date when the Goods should have been delivered |
| Q9.When does the period of insurance start for War Risks Cover? |
| The War Risk Cover is attached to the goods only if there is a war between the importing and exporting country |
| The War Risk Cover is attached to the goods immediately when the goods are loaded on the trucks from the exporter's warehouses |
| The War Risk Cover is attached to the goods only when they are loaded on the overseas vessel |
| The War Risk Cover is attached to the goods when the overseas vessel containing the goods reaches the destination port |
| The War Risk Cover is attached to the goods on the conclusion of the contract of a cargo policy |
| Q10.____ arrangement helps to reduce the ceding company’s exposure to individual risks more efficiently than proportional reinsurance. |
| Auto-Fac Treaty |
| Excess of loss Treaty |
| Surplus Treaty |
| Quota Share Treaty |
| Pooling |