IC67 MARINE INSURANCE EXAM - 11
| Q1.Which are the two types of excess loss covers? |
| Working covers and Catastrophe covers |
| Alternate covers and Aggregate covers |
| Per loss covers and Catastrophe covers |
| Premium covers and Per loss covers |
| Working covers and Loss covers |
| Q2.In case an ocean-going ship meets with an accident and suffers damage, what should be the first action be taken by the owners or their agents? |
| A claim should be submitted immediately to the carriers and bailees |
| A surveyor should be appointed to survey the damages |
| Repairs should be taken under the supervision of the ship owner’s superintendent |
| Give immediate notice to the P&I association |
| Give immediate notice to the insurers with all available details |
| Q3.Identify the correct statement with respect to Cardamom Insurance- |
| In cardamom insurance, premium adjustment is based on the estimated cost and actual realized value of the crop |
| In cardamom insurance, risks covered and exclusions shall not be as per Inland Transit (Rail or Road) Clause A |
| In cardamom insurance, the policy would start from Curing House and continue till delivery to buyers anywhere in India |
| In cardamom insurance, claims arising out of loss/damage caused by moth, mildew, insects, and natural drainage shall not be paid |
| In cardamom insurance, cover attaches from the time the cardamom is loaded onto the vessels to be transported to the vessels |
| Q4.What is the 'Average loss' of the hull risk is also known as? |
| GT |
| DWT |
| ALT |
| C.T.L |
| Ex TL |
| Q5.What will be the duration of the cover of a cargo of bulk oil which has been insured under the Institute Bulk Oil Clauses (IBOC).? |
| The duration of the cover would be from Tank to Tank |
| The duration of cover would start when the oil is loaded into the tanker and would continue till it is stored in the destination warehouse |
| The duration of the cover will be from warehouse to warehouse |
| The duration of the cover would begin when the oil is stored in the sellers warehouse and would be till the tanker reaches the destination port |
| The cover would begin when the oil is stored in the seller's warehouse and would continue till it is loaded into the tanker |
| Q6.The maximum time limit prescribed under the Multimodal Transportation of Goods Act, 1993 for taking legal action against MTO is ____. |
| Within 12 (twelve) months of the date of delivery of the goods or the date when the Goods should have been delivered |
| Within 3 (three) months of the date of delivery of the goods or the date when the Goods should have been delivered |
| Within 6 (six) months of the date of delivery of the goods or the date when the Goods should have been delivered |
| Within 1 (one) month of the date of delivery of the goods or the date when the Goods should have been delivered |
| Within 9 (nine) months of the date of delivery of the goods or the date when the Goods should have been delivered |
| Q7.Mr. Soham has taken a cargo insurance policy. An add-on 'Cover of Strikes' is later attached to the cargo insurance policy. Identify the statement which will hold true? |
| The Cover of Strikes will override the marginal clauses and clauses in the body of the policy |
| The Cover of Strikes will be overridden by the marginal clauses and clauses in the body of the policy |
| The Cover of Strikes and the marginal clauses/clauses in the body of the policy will hold good |
| The contract of insurance will become void at the option of Mr. Soham |
| The contract of insurance will become void at the option of the insurer |
| Q8.Megha has declared the value of the goods to be Rs. 500000 and has taken an Annual Policy for her goods. These goods were damaged in transit. Later it was found that the value of the goods should have been Rs. 600000. Scrutinize this situation and choose the correct option - |
| Megha will not get any claim due to the wrong declaration |
| These goods will get forfeited due to the wrong declaration |
| Megha can pay an extra premium and her total loss shall be reimbursed |
| Megha shall have to bear the extra loss of Rs. 100000 |
| Megha shall have to bear the total loss of Rs. 600000 |
| Q9.In case the Institute Warranties are breached by a vessel, this can result in ___. |
| Concealed Damage clause coming into force |
| Cancellation of the policy |
| Registration certificate of the vessel will be canceled |
| Charging of additional premium |
| Penalties imposed by the concerned insurance company |
| Q10.In the Hull Insurance policy, the 'Total Loss' rate and 'Other than Total Loss' rate (also known as Average Loss) are ___ to get the overall rate. |
| multiplied |
| divided |
| subtracted |
| combined |
| squared |