IC67 MARINE INSURANCE EXAM - 09

Jul 11, 2022 - 06:42
Sep 6, 2022 - 11:20
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Q1.When the freight is paid in advance to the shipping company, under what circumstances is it returnable?
   When the cargo in the ship is lost or damaged
  When the ship does not reach the destination port within 7 days of the estimated arrival date
   When the ship is lost and is untraceable
   When the ship which was to be sailed does not sail and a different ship is sailed
   The advance paid freight is not returnable
 
Q2.It may happen in the event of cargo sustaining damage that it can be sold in damaged state at a place short of a destination to better advantage than if it is reconditioned and forwarded. This is known as ___.
   Actual Total Loss
   Particular Average Loss
   Salvage Loss
   Constructive Total Loss
   general Average Loss
 
Q3.A special immunity is granted to a common carrier to escape liability under the Carrier’s Act -1865. Which is that immunity?
   Explosion
   Natural Deterioration or wastage
   Latent defects
   Act of Omission
   Act of God
 
Q4.In Marine Total Losses, Actual Total Loss of the subject matter is said to have occurred ____.
   When the goods are in a ship that has been posted as 'missing'
   When the assured is irretrievably deprived thereof, as when a ship and cargo are captured and condemned in the times of war
   When it loses its species, that is, it is so damaged that it is no longer a thing of kind insured
   When it is destroyed by a peril insured such as sinking during very bad weather
   All of the above
 
Q5.An open cover is not a policy but is more like a ___.
   Debit note
   Agreement
   Credit note
   Document note
  Banknote
 
Q6.A person has sold his goods on an FOB basis. In such a case, when does the risk pass on from the seller to the buyer?
   The risk passes when the goods reach their destination
  The risk passes before the start of the transit
  The risk passes only after the arrival of the ship at the destination port
   The risk passes after the receipt of shipping documents
   The risk passes on loading of the cargo on the overseas vessel
 
Q7.The formation of the International Underwriting Association of London (IUA) was due to the merger of ____ and ____.
   Lloyd's Register of Shipping and Institute of London Underwriters
   London Insurance and Reinsurance Market Association and Institute of London Underwriters
   International Maritime Bureau and London Insurance and Reinsurance Market Association
   International Chambers of Commerce and Institute of London Underwriters
   London Insurance and Reinsurance Market Association and International Chambers of Commerce
 
Q8.If the subject matter is insured on a ‘LOST OR NOT LOST’ basis, which of the following provisions will apply?
   In this case, the insured can recover the loss only in case he had an insurable interest in the subject matter while making the contract
   In this case, the insured can recover in respect of an insurable interest in the subject matter acquired after a loss
  In this case, the insured can recover a loss only in case he has double insurance for the subject matter
   In this case, the insured cannot recover any loss because this contract is void
   In this case, the insured may recover a loss only in case he had an insurable interest in the subject matter prior to the occurrence of the loss
 
Q9.__ is the assembling of one or more packages or items into a compact load, secured together and provided with skids for easy handling.
   Unitising
   Bailing
   Palletizing
   Containerization
   Shipping
 
Q10.Which document contains the details about the goods to be insured, the transit details, packing details, etc. which enable the underwriter to judge the risk involved and decide the terms, conditions, and rates for the insurance sought?
   Memorandum of Understanding
   Marine Hull Manual
   Letter of Credit
   List of Warranties
   Declaration

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