IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS - 15
| Q1.Full-Form of IACS |
| a) Indian Association of Classify Society |
| b) International Association of Classification Societies |
| c) International Administration of Certification Shipping |
| d) International Association of Certified Shipping |
| Q2.In which Insurance covers the legal costs and expenses, which a Charterer is bound to make due to a dispute under the Charter party or as a result of a dispute with any party related to the carriage of the goods for which a vessel was chartered? |
| a) Ship Repairers Liability Insurance |
| b) Marine Defense Insurance |
| c) Charterers' Liability Insurance |
| d) None of these |
| Q3.The lender of money on ____ has an insurable interest in respect of the loan. |
| a) Agent |
| b) Principal |
| c) Bottomry |
| d) None of these |
| Q4.Based on the given table, Find H and M rates? |
| a) 1.017% |
| b) 2.245% |
| c) 2.754% |
| d) 3.258% |
| Q5.An ___ is a policy that does not specify the value of the subject-matter insured, but subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner hereinbefore explained. |
| a) Valued policies |
| b) Unvalued policies |
| Q6.Which may be defined as an agreement whereby the insurer agrees to indemnify the insured, in the manner and to the extent agreed, for physical loss or damage to his cargo during marine transit? |
| a) Fire Insurance Policy |
| b) Life Insurance Policy |
| c) Marine Insurance policy |
| d) Agriculture Insurance Policy |
| Q7.Which one of the following cannot be termed as the valued policy |
| a) Fire Standard policy |
| b) Marine cargo policy |
| c) Marine hull policy |
| d) Jeweler section under householders policy |
| Q8.Which policy covers damage to the actual structure of the vessel? |
| a) Marine Cargo Insurance |
| b) Marine Hull Insurance |
| c) Both of the above |
| d) None of the above |
| Q9.Which from of GA expenditure that is commonly encountered is 'salvage' paid to their party for services rendered to a vessel and her cargo in time of distress? |
| a) Extraordinary |
| b) Port of Refuge expenses |
| c) Common Maritime Adventure |
| d) Salvage paid for services |
| Q10.The main object of ship classification is to promote safety at sea, for life, for ships and their cargoes, and for the environment. Say whether True or False. |
| a) True |
| b) False |