IC67 MARINE INSURANCE EXAM - 13
| Q1.As per the Major Port Trusts Act, 1963 - which of the following is NOT a major port in India? |
| Cochin |
| Kandla |
| Mundra |
| Tuticorin |
| Nhava Sheva |
| Q2.The basis of valuation for Cardamom Estates shall be the previous year's average price or the previous year's average of maximum and minimum prices plus __. |
| 0.05 |
| 0.1 |
| 0.125 |
| 0.15 |
| 0.2 |
| Q3.What is the subject matter of Hull Insurance? |
| The Ship / Vessel |
| The Cargo on the ship |
| The crew on the ship |
| The Goodwill of the shipping line |
| All of the above |
| Q4.Dry Bulk Carriers generally carry which type of cargo? |
| 20 or 40 feet containers |
| Cargoes packed in pellets |
| Cars and other types of vehicles |
| Crude Oil |
| Cargo without any packing |
| Q5.In the context of Container used in marine transport, what does 'LCL' stand for? |
| Level Container Load |
| Least Container Load |
| Leveraged Container Load |
| Low-value Container Load |
| Less than Container Load |
| Q6.____ is the right by which an insurer, having settled a claim for loss or damage, is entitled to place himself in the position of the insured to the extent of acquiring all rights and remedies in respect of the loss which the insured may have received. |
| Contribution |
| Indemnity |
| Subrogation |
| Proximate cause |
| Contingent interest |
| Q7.In FOB terms of sale, when does the risk pass from the seller to the buyer? |
| When the goods reach the port of loading |
| When the goods reach the destination port and are unloaded on the port |
| When the goods cross the ship's rails for loading ie. when the cargo is loaded on the overseas vessel |
| When the goods reach the buyers' warehouse in the importing country |
| Insurance commences on expiry of 7 days reckoned from midnight of the day on which the goods are discharged from the ship |
| Q8.____ is the transfer of rights, titles, interests, and property, including liabilities in favor of the insurers. |
| Contribution |
| Subrogation |
| Indemnity |
| Proximate cause |
| Abandonment |
| Q9.As per the Adverse Weather Warranty, if a fishing vessel is at sea, it shall ___ as soon as it becomes aware of adverse weather warnings. |
| Slow down |
| Return |
| Change direction |
| Speed up |
| Stop in mid water |
| Q10.Marine Hull policies can be issued either on ___ or ____. |
| Time basis, Shipment basis |
| Country basis, Voyage basis |
| Shipment basis, Country basis |
| Risk basis, DWT basis |
| Time basis, Voyage basis |