IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS - 16
| Q1.This hire is normally payable monthly in advance and this freight is at the risk of the shipowner, because damage to the ship due to insurable risks may result in total or partial loss of the ___. |
| a) Time charter hire |
| b) Freight payable and ship or cargo lost or not lost |
| c) Lump sum freight |
| d) Freight payable on delivery |
| Q2.The conditions applicable are those covered by Institute Time Clauses-Hulls, but excluding Total Loss and it is usual to stipulate that repairs must be commenced within _____ of the expiry of the policy. |
| a) 6 months |
| b) 12 months |
| c) 18 months |
| d) 24 months |
| Q3.According to section 57(1) of the Act, there is an ___ where the subject-matter insured is destroyed, or so damaged as to cease to be a thing of the kind insured, or where the assured is irretrievably deprived thereof. |
| a) Constructive Total Loss |
| b) Particular Average Loss |
| c) Actual Total Loss |
| d) General Average Loss |
| Q4.In insurance on freight, whether paid in advance or otherwise, the insurable value is the gross amount of freight at the risk of the assured plus_____. |
| a) The underwriting charges |
| b) The charges of insurance |
| c) The expenses of earning the freight |
| d) The amount of loss |
| Q5.Which are looked upon as the maids of all work for the merchant fleets and are expected to render services which are many and varied and the basic requirements for these are stable under all conditions of operation, maneuverability, and adequate towing power? |
| a) Fishing Trawler with Net |
| b) Dredgers |
| c) Tugs |
| d) Fishing Boats |
| Q 6. 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 |
| Q7.Time charter hire or charter hire for a series of voyages up to a sum not exceeding 50% of the gross hire to be earned under the charter in a period not exceeding ___ less any amount covered under (b). |
| a) 6 months |
| b) 12 months |
| c) 18 months |
| d) 24 months |
| Q8.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 |
| Q9.The lender of money on ____ has an insurable interest in respect of the loan. |
| a) Agent |
| b) Principal |
| c) Bottomry |
| d) None of these |
| Q10.The term ____ implies some voluntary sacrifice of property made or expenditure incurred in a time of peril threatening all property involved in the common maritime adventure, with a view of preserving it from that peril. |
| a) General Average |
| b) Actual Loss |
| c) Labour charges |
| d) Particular Average |