IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS - 12

Que. 1 : Q1) What is a temporary document issued by the insurer/ his authorized representative pending issuance of the policy?

   1.  a) Letter of Credit

   2.  b) Documentary

   3.  c) Cover Note

   4.  d) None of these

Que. 2 : Q2) Though both 'sacrifice' & 'expenditure' are expressed in monetary terms, the distinction bears significant when it is to be applied to :

   1.  a) Utility of an asset

   2.  b) Pricing of an asset

   3.  c) Consideration

   4.  d) Insurance policies

Que. 3 : Q3) Which occupies a unique position in the international maritime law and the acceptance of these rules neither depends upon any convention or ratification of the same nor upon any statue but is voluntary accepted by maritime community?

   1.  a) Voluntary Strading

   2.  b) York-Antwerp Rules

   3.  c) The Lettered Rules

   4.  d) Reasonable

Que. 4 : Q4) If 2 vessels 'A' & 'B' are in collision and owner of vessel 'A' is 75% to blame and owner of 'B' is 25% to blame, then: i. if damage to 'A' is Rs.1,00,000 ii. and damage to 'B' is Rs.2,00,000. Then find the 'A' single liability to 'B'?

   1.  a) Rs.25,000

   2.  b) Rs.75,000

   3.  c) Rs.1,00,000

   4.  d) Rs.1,25,000

Que. 5 : Q5) In marine insurance an insured may abandon the subject matter to the insurers and claim a Constructive Total Loss. Say whether True or False.

   1.  a) True

   2.  b) False

   3.  

   4.