IC60 MARINE CARGO INSURANCE UNDERWRITING - 11
| Q1.Which document in the absence of a specific policy helps the bank to authenticate the existence of insurance cover and relate it to the documentary bill? |
| a) Certificate of Incorporation |
| b) Certificate of Insurance |
| c) Certificate of college |
| d) None |
| Q2.What is the change made to Risk Clauses of ITC-B as per SRCC 2009? |
| a) Damages caused by persons acting from a political motive are now not a part of the new SRCC clause |
| b) Damages caused by persons acting from an ideological and religious purpose are now not a part of the new SRCC clause |
| c) Damages caused by persons acting from a political motive are now also a part of the new SRCC clause |
| d) Damages caused by persons acting from an ideological and religious purpose are now also a part of the new SRCC clause |
| Q3.Insurable interest has been defined by which section as a legal or financial interest of a party in a subject matter of insurance where he/she will be prejudice with the loss or detention to such subject matter and will gain from the safe arrival of the subject matter? |
| a) Section 4 of Marine Insurance Act, 1906 |
| b) Section 5 of Marine Insurance Act, 1906 |
| c) Section 6 of Marine Insurance Act, 1906 |
| d) Section 7 of Marine Insurance Act, 1906 |
| Q4.In which credits, where a second bank in addition to the buyer's bank guarantees payment? |
| a) Unconfirmed Credits |
| b) Confirmed Credits |
| c) Revocable Credit |
| d) Irrevocable Credit |
| Q5.Which type of cargo is likely to be the most preferred choice for marine insurance underwriting? |
| a) Containerised |
| b) Break Bulk |
| c) Bulk |
| d) Over Dimensional |
| Q6.Institute War clauses do not cover losses caused by |
| a) capture, seizure restraint, detainment arising from war, and war-like operations. |
| b) Drifting Derelict mines or bombs or other derelict weapons of war |
| c) loss of the voyage or adventure by reason of operation of war risks |
| d) None of the above |
| Q7.Which are specified by way of the insuring clauses mentioned in and attached to the policy and most of these clauses are international in nature like the Institute Cargo Clauses? |
| a) Schedule |
| b) Certificate of Insurance |
| c) Time Table |
| d) Terms of cover |
| Q8.There are some cargo with zero residual value or which become total losses or which have to be treated as _____ even if the damage is only partial. |
| a) Thief attractive |
| b) Constructive Partial Loss |
| c) Residual value |
| d) Constructive Total Loss |
| Q 9. Which Cargo requiring temperatures above or below the freezing point is transported in refrigerated containers also called reefers and the container has a compact-design compressor unit with an air-cooled condenser? |
| a) Ventilated Containers |
| b) Refrigerated Containers |
| c) Flat Rack Containers |
| d) Tank Containers |
| Q10.Under the Institute Cargo Clauses, the risk commences |
| a) When an invoice is received |
| b) From the Time the Lorry receipt is issued |
| c) When the Cargo leaves the warehouse of the consignor |
| d) None of the above |