IC66 MARINE INSURANCE CLAIMS - 09
| Q1.In the case of Marine Insurance, which one of the statements is correct with respect to GRT of the ship |
| a) Risk increases with the increase in GRT |
| b) Risk decreases with the decrease in GRT |
| c) Risk decreases with the increase in GRT |
| d) The GRT does not play any role in risk |
| Q2.Further surveyors are expected to issue a _____ to the insured listing out the documentation that needs to be provided in support of their claim and which will be needed in quantification/assessment of the claim. |
| a) Letter of credit |
| b) Claims documentation |
| c) Letter of Requirement |
| d) None of these |
| Q3.As per the Central Excises Act, while excises are levied on manufacture, the duty is collected on____. |
| a) Movement of goods from one state to another |
| b) Removal of goods from the factory |
| c) Commencement of the manufacturing process |
| d) Sale of goods |
| Q4.An underwriter can underwrite which of the following? |
| a) High severity low-frequency type of proposal with right terms and conditions |
| b) High frequency and low severity type of proposal with an adequate deductible |
| c) But the underwriter might be wary to underwrite a high severity and high-frequency type of proposal because of the non-insurable nature of the risk |
| d) All of the above |
| Q5.The term freight means |
| a) the profit derived by a shipowner from the employment of the ship |
| b) freight earned at the port of origin. |
| c) freight earned at the port of destination. |
| d) all the above. |
| Q6.Marine Insurance Cover works with |
| a) Per Sending Limits |
| b) Per Location Limits |
| c) Sum Insured Limits |
| d) All of the above |
| Q7.There is Constructive Total Loss where the subject matter is reasonably abandoned because of which of the following? |
| a) Actual Total loss appears unavoidable |
| b) To prevent Actual Loss some disproportionate expenditure is required to be incurred which exceeds the value of the goods after it is saved |
| c) Further when the assured is deprived of the subject-matter insured, it is unlikely that they can recover it, or the cost of recovery would exceed its value in restored condition, not making the exercise worthwhile. |
| d) All of the above |
| Q8.The term freight means |
| a) the profit derived by a ship owner from the employment of the ship |
| b) freight earned at the port of origin. |
| c) freight earned at the port of destination. |
| d) all the above. |
| Q9.Which survey may be called for as a stand-alone survey? |
| a) Tally surveys |
| b) Ullage surveys |
| c) Bunker surveys |
| d) Draft surveys |
| Q10.Section 20 deals with which of the following? |
| a) Document of title |
| b) MTO liability for losses and delay in delivery |
| c) Notice of loss |
| d) Limits of liability |