IC66 MARINE INSURANCE CLAIMS -13
| Q1.Given below are the ways in which Actual Total Loss arises. Identify the odd one out. |
| a) When the subject matter is destroyed |
| b) Where the subject matter is so damaged to cases to be a thing of the kind insured |
| c) Where the assured is irretrievably deprived of the subject matter |
| d) 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. |
| Q2.What means a person engaged in the business of collecting, storing, forwarding, or distributing goods to be carried by goods carriages under a goods receipt or transporting for hire of goods from place to place by motorized transport on road? |
| a) Material damage |
| b) Common Carrier |
| c) Pure salvage |
| d) Contract salvage |
| Q3.General Average arises when the property involved in common Maritime adventure |
| a) The cost of vessel removal from one port to another |
| b) Temporary repair of accidental damage affected during the course of the voyage |
| c) Cargo is discharged and or jettisoned to save the ship |
| d) None |
| Q4.Who needs to be independent of any relationship more specifically financially with the principal? |
| a) Principal |
| b) Agent |
| c) Commissioner |
| d) Cargo Surveyor |
| Q5.For which of the following term of sale, the buyer/importer normally arranges the cargo insurance cover for the overseas transit |
| a) CIF basis |
| b) FOB basis |
| c) Both the above |
| d) None of the above |
| Q6.This means the loss must be accidental. Inevitable losses such as those that occur because of improper packing, goods being stored in a manner which can only result in a loss from the elements, and other losses of this nature are not covered? |
| a) Physical |
| b) External |
| c) Fortuitous |
| d) Internal |
| Q7.Which of the following is not an exclusion from the Third Party Liability Policy? |
| a) Road Vehicle Liabilities |
| b) Employers liabilities |
| c) Liquidated damages |
| d) Physical loss/damage of Third Party property |
| Q8.Survey fees reimbursable to the insured in a marine policy to the extent of |
| a) 25% |
| b) 50% |
| c) 75% |
| d) 100% |
| Q9.Ports that do not come under 'major ports of India' are governed by the ____ |
| a) Major Port Trust Act |
| b) Indian Ports Act 1908 |
| c) Section 80 of CPC |
| d) Gujarat Maritime Board Act 1981 |
| Q10.The classification clause deals with : |
| a) The authority of the classification society |
| b) The duty of the assured to comply with all the recommendations of the society |
| c) Imposes a strict duty on the insured to maintain the class of the vessel |
| d) All of the above |