IC67 MARINE INSURANCE EXAM -20
| Q1.A marine cargo policy is stamped as per the provisions of which Act? |
| a) The Marine Insurance Act, 1963 |
| b) The Indian stamp Act, 1899 |
| c) The Insurance Act, 1938 |
| d) The IRDA Act, 1999 |
| Q2.Identify the wrong statement |
| a) Constructive total loss is a total loss claim |
| b) Constructive total loss is a loss that occurred during the course of construction |
| c) Notice of abandonment is necessary for a constructive total loss claim |
| d) Constructive total loss is affected midway between an actual total loss and partial loss |
| Q3.When there is double insurance on marine cargo policy 1. The loss is shared by all the companies in proportion to the sum insured 2. Only the insurer with whom the first policy is taken pays the entire loss. |
| a) 1 is correct |
| b) 2 is correct |
| c) Both are correct |
| d) Both are wrong. |
| Q4.Which of the following statements is false in relation to marine cargo insurance? Statement A: The entire marine cargo tariff is governed by tariff or market agreement. Statement B: Special storage insurance is granted in conjunction with an inland transit policy. |
| a) A only |
| b) B only |
| c) Both |
| d) Neither |
| Q5.As per Marine Inland Transit Policy, the Risk commences from the time |
| a) The goods leave consignors warehouse |
| b) The goods are being loaded on the vehicle |
| c) The goods reach the buyer's warehouse |
| d) All the above are correct |
| Q6.___ is the sum amount that will get deducted from the claim amount. |
| a) Franchise |
| b) Deductible |
| c) Insurance cover |
| d) None of these |
| Q7.With regard to stamp duty in marine cargo policy, which one of the following statements is correct? |
| a) Different for sea voyages and for other than sea voyages |
| b) Rate is the same for all types of voyages |
| c) Rate for air voyage is different from road/rail |
| d) Rate is different for rail and road voyages. |
| Q8.In case additional expenses are incurred to complete the voyage the charges incurred would be recovered under |
| a) General average clause |
| b) Sue and labor clause |
| c) Increased value clause |
| d) Limitation Clause |
| Q9.In case of General Average Loss, the losses would be borne by all interests i.e ship, cargo, and Freight |
| a) In equal proportion of loss at the time of loss |
| b) In ratable proportion of loss at the time of loss |
| c) In ratable proportion of loss when the interests finally reach destination |
| d) None of the above |
| Q10.Identify incorrect statement |
| a) All marine policies are not freely assignable |
| b) Special declaration policy (SDP) is not assignable |
| c) Marine policy is not assignable when goods are on high seas |
| d) Marine policy is not assignable when goods are in a bonded warehouse |