IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS - 12
| Q1.If a ship is 'missing', section 58 of the Act provides that if no news has been received after the lapse of a reasonable period, then: |
| a) The ship is presumed to be an actual total loss |
| b) The cargo on board is deemed to be an actual total loss |
| c) Both the above are presumed to be an actual total loss |
| d) Neither ship nor cargo is presumed to be an actual total loss |
| Q2.Which of the below option best describes P and I clubs? |
| a) Public insurance organizations |
| b) Mutual insurance associations |
| c) Private insurance organizations |
| d) Insurance advisors |
| Q3.The security document consists of the average bond to be signed by consignee and GA guarantee, in lieu of cash deposit, to be signed by: |
| a) The cargo underwriters |
| b) The ship underwriters |
| c) The dock underwriters |
| d) All of the above |
| Q4.What is calculated by dividing the volume in cubic feet of the ship's hull below the tonnage deck, plus all spaces above the deck with permanent means of closing, by 100? |
| a) Gross Tonnage |
| b) Net Tonnage |
| c) Deadweight Tonnage |
| d) None of these |
| Q5.Subject to any express provision in the policy is a standard phrase in Marine Insurance Act 1963 to denote that |
| a) The Act is supreme |
| b) The Assured is supreme |
| c) The policy is supreme |
| d) The underwriter is supreme |
| Q6.Which of the following is not a section that would be present in an energy package policy? |
| a) Property damage |
| b) Control of Well |
| c) Risk involves |
| d) Third Party Liabilities |
| Q7.What is a matter between two or more Insurers where there is over-insurance by double insurance and it is also a corollary of the principle of Indemnity and the distribution of loss between co-insurers must be equitable? |
| a) Indemnity |
| b) Freight |
| c) Contribution |
| d) Subrogation |
| Q8.Insurance of ships, yachts, barges, tugs, and other floating equipment during maritime operations against the loss of or damage to the hull and machinery is covered under ___. |
| a) Marine Cargo insurance |
| b) Marine Hull Insurance |
| c) Marine Du |
| d) Marine Liabilities |
| Q9.In the Marine Insurance claim which of the following is correct. |
| a) If the claim is admissible the insurer will reimburse the Survey Fees. |
| b) If the claim is not admissible even then the insurer will bear the survey Fees. |
| c) The insured will not bear the survey expenses if the claim is not admissible. |
| d) Insured will bear the Expenses if the claim is admissible. |
| Q10.The International Underwriting Association of London was formed on ___, thorough the merger of the London International Insurance and Reinsurance Market Association and the Institute of London Underwriters. |
| a) 31 December 1978 |
| b) 31 December 1988 |
| c) 31 December 1998 |
| d) 31 December 2005 |