IC67 MARINE INSURANCE EXAM - 12

Jul 14, 2022 - 07:25
Sep 6, 2022 - 11:13
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Q1.What is the main difference between the functions of XIS and XCS of the Llyod’s?
  Llyod’s policies are signed on behalf of the underwriters concerned by the XCS whereas the claims process and settlement is looked after by XIS
  Llyod’s policies are signed on behalf of the underwriters concerned by the XIS whereas the claims process and settlement is looked after by XCS
   XIS is an agent of the Llyod’s whereas the XCS is an underwriter of Llyod’s
   XCS is an agent of the Llyod’s whereas the XIS is an underwriter of Llyod’s
   Llyod’s agency department appoints the members of the XCS whereas the members of the XIS are elected by the underwriters
 
Q2.Which act states that an insurer under a contract of marine insurance having an insurable interest in his risk can re-insure in respect of it?
   Indian Companies Act 2013
   Marine Insurance Act 1963
   COGSA 1925
   Insurance Act 1938
   Carrier’s Act 1865
 
Q3.The underwriting members of the Corporation of Lloyd’s, through their underwriting agents, form groups which are called ____ .
   Cartels
   Syndicates
   Brokers
   Insurers
   International Maritime Bureau
 
Q4.Actual total loss is a physical total loss and is ___.
   Absolute
   Avoidable
   Contractual
   Measurable
   Real
 
Q5.If a vessel is registered in a 'Flag of Convenience (FOC) country, it is of serious concern for the underwriters - Why?
  If a vessel is registered in a 'Flag of Convenience (FOC) country then one has to pay high wages
   As the standards of safety and crew competence required by FOC countries are below the high standards set by other countries
  If a vessel is registered in a 'Flag of Convenience (FOC) country then it requires high maintenance
   Vessels of the FOC countries are not at all seaworthy
   Vessels of the FOC vessels are all chartered vessels and expensive to sail
 
Q6.What is a LASH Ship?
  A LASH ship is a hi-tech ship equipped with satellite navigation
  A LASH ship is used to ferry cars, trucks, etc. which are self-driven inside the ship. It does not have any cranes
  A LASH ship carries containers in the form of barges and has massive cranes for loading and unloading
  A LASH ship is basically used in the transportation of passengers
  A LASH ship is basically used in the transportation of cargo over oceans
 
Q7.As per the Indian Railways Act 1989, under which type of freight charge is the Railway Administration at more risk ?
   Owner’s Risk Rate (ORR)
   Railway’s Risk Rate (RRR)
   Carrier's Risk Rate
   Claimant’s Risk Rate
   Transporter's Risk Rate
 
Q8.Identify the CORRECT statement with respect to the remuneration paid to a Lloyd’s Agents -
  They receive a commission on the amount of insurance premium generated as per the scale approved by Lloyd’s
   Their remuneration consists of survey fees, charged on a time and trouble basis for surveys and also a commission on the amount of insurance premium generated, as per the scale approved by Lloyd’s
   Their remuneration consists of survey fees, charged on a time and trouble basis for surveys and settling commission for adjustment of claims according to a scale approved by Lloyd’s
   They receive fixed salary per month plus settling commission for adjustment of claims as per the scale approved by Lloyd’s
   They receive a fixed salary per month plus a commission on the amount of insurance premium generated, as per the scale approved by Lloyd’s
 
Q9.____ is an incidental clause of cargo insurance contracts.
   Pair and Set Clause
   Registered Mail and Postal sending by Air
   Institute Cargo Clauses (Air)
   Institute War Clauses (Cargo)
   Termination of transit (Terrorism) clause
 
Q10.Identify in which way is the International Underwriting Association of London (IUA) different from the International Union of Marine Insurers (IUMI)?
   IUA is a body which appoints the Lloyd’s Agents whereas IUMI is for promoting the implementations of process reforms and electronic interfaces across the market
   IUA is for promoting the implementations of process reforms and electronic interfaces across the market whereas IUMI works for safeguarding and developing insurer's interests in marine and transport insurance
   IUA works for safeguarding and developing insurer's interests in marine and transport insurance whereas IUMI is a body which appoints the Lloyd’s Agents
  IUA the main job is to fight all types of maritime crimes whereas IUMI works for safeguarding and developing insurer's interests in marine and transport insurance
   IUA is for promoting the implementations of process reforms and electronic interfaces across the market whereas IUMI main job is to fight all types of maritime crimes

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