IC67 MARINE INSURANCE EXAM - 13

Jul 15, 2022 - 08:20
Sep 6, 2022 - 11:08
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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

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