IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS - 03
| Q 1. Group A of Institute Time Clauses deals with |
| a) Warranties |
| b) Collision Liability |
| c) Amount payable |
| d) Risks covered and Risks Excluded |
| Q2.Based on complete details as revealed in a proposal form and additional information received, a Hull Underwriter should quote a rate commensurate with the type of losses that can arise. Which of the following is not one of these? |
| a) Collision Liabilities |
| b) Sue and Labour expenses |
| c) General Average contribution |
| d) Partial Loss |
| Q3.The underwriting result of a vessel or fleet are considerably influenced by which of the following? |
| a) Material used in the making of the vessel |
| b) Safety equipment installed in the vessel |
| c) Deductible imposed |
| d) All of the above |
| Q4.Which of the following is not covered under the Navigation and Removals Ashore Clause for a vessel whilst ashore? |
| a) Repair |
| b) Theft |
| c) Overhaul |
| d) Refitting |
| Q5.What is a professional body which is run by and for its members and it represents national and international marine insurers and considers issues of interest to the worldwide marine insurance industry? |
| a) International Maritime Bureau |
| b) Joint War Committee |
| c) The Institute of London Underwriters |
| d) The International Union of Marine Insurance |
| Q6.Which of the following is true regards excess of loss marine reinsurance agreement? |
| a) Reinsurer pays excess of an ultimate net loss |
| b) Reinsurer bears entire in case it exceeds an ultimate net loss |
| c) Reinsurer does not pay anything in case the loss exceeds a specified limit |
| d) Reinsurer pays a fixed amount irrespective of the size of the loss |
| Q7.____ carries cargo whenever and wherever it is available, mostly cargo, very often seasonal in character, for which she is usually chartered? |
| a) Liner |
| b) Ocean vessels |
| c) Cargo vessels |
| d) Tramp |
| Q8.Which of the following is/are essential features of Sue and Labour charges? |
| a) Charges must be incurred to avoid a loss covered by the policy or to minimize such loss |
| b) They must be incurred by the insured or any other person acting |
| c) The charges must have been incurred shortly after the destination. e.g.at intermediate point or port |
| d) Expenses must be incurred for the benefit of the subject-matter insured and not for common expenditure |
| Q9.What is a facility to receive Water-borne vessels and to facilitate loading/unloading of cargo or embarkation/disembarkation of passengers on these vessels? |
| a) Mortgage |
| b) Marine Insurance |
| c) Bulk terminal |
| d) Seaport |
| Q10.Section 55 (2) enumerates the losses which are not payable. Which of the following is/are an example of these? |
| a) Willful misconduct of the assured |
| b) Delay caused by an insured peril |
| c) Injury to machinery not proximaterly caused by maritime perils |
| d) All of the above |