IC67 MARINE INSURANCE EXAM - 02
| Q1.For Fishing and Sailing vessels hull insurance, which additional document is required along with the proposal form? |
| Registration Certificate |
| Valuation Certificate |
| Pre-insurance survey report |
| Details of arrears of loan payments |
| Form B |
| Q2.What type of warranty is - “Warranted sailing within 7 days”? |
| Express Warranty |
| Implied Warranty |
| Promised Warranty |
| Subrogation Warranty |
| Material Warranty |
| Q3.What is the reward known as which is payable to third parties who voluntarily render services to save maritime property at sea? |
| Goodwill charges |
| Amount made good |
| Contributing values |
| Sue and labor charges |
| Salvage charges |
| Q4.Which of these documents is NOT required for the settlement of fishing vessel hull claims? |
| Copies of correspondence exchanged with carriers |
| Surveyor Investigation report |
| Certificate of cancellation of registration of the vessel in respect of total loss claim |
| Affidavits and statements by the owner made to any of the authorities |
| Registration Certificate issued by the concerned authorities |
| Q5.Consider the following case and determine the liability of MMM Reinsurance Company. - DDD Insurance Company contacted MMM Reinsurance Company and entered into a surplus share treaty reinsurance agreement with them. DDD Security set a retention limit (line) of Rs 200000 and MMM agreed to reinsure up to 5 times (Rs 10,00,000). DDD Security wrote a Rs 100000 marine insurance policy and a loss of Rs 30000 occurred. Calculate the liability of MMM Reinsurance Company? |
| DDD insurance and MMM Reinsurance will share the losses 50:50 i.e. Rs 15000 each |
| DDD insurance is liable for the entire loss of Rs 30000 and there will be no liability to MMM reinsurance |
| DDD insurance is liable for 1/5th of the loss i.e. Rs 6000 |
| DDD insurance is liable for only 1/5th of the sum assured |
| DDD insurance will not be liable for the loss under the surplus share treaty |
| Q6.Roshan had shipped fruits like Oranges and Apples for which he had taken a cargo policy. On arrival at the destination, it was found that there was a reduction in the weight although the seals of crates in which the fruits were shipped were fully intact. What type of claim can Roshan lodge? |
| Rohan can lodge a claim and this will enable him to get compensation equal to the weight loss of the apples |
| Rohan can lodge a claim and this will enable him to get compensation like compensation for total loss |
| Rohan can lodge a claim and this will enable him to get compensation in accordance with the provisions under ICC (B). |
| Rohan can lodge a claim and this will enable him to get compensation in accordance with the provisions under Marine Insurance Act, 1963 |
| Such a loss is not covered by the insurance and cannot be claimed as it is an ordinary loss that occurred due to the nature of the subject matter |
| Q7.Which of the following statements id correct with respect to claims for losses when goods are sent by Registered Post? |
| If the registered post is lost, a claim in the form of an affidavit must be immediately filed with the postal authorities |
| If the registered post is lost, a claim in the form of an affidavit must be filed with the postal authorities within 30 days |
| If the seal is found to be broken during delivery, then no claim is admitted for loss of contents from packages |
| A claim for non-delivery can be made even if the address is incomplete on the package |
| A post office receipt is not compulsorily to be submitted for making a claim for non-delivery |
| Q8.Whenever a proposal becomes a policy, the details of which document are incorporated in the policy document. |
| Premium Note |
| Cover Note |
| Declaration Form |
| Memorandum |
| Consignment note |
| Q9.Provisions of which of the clauses are used for PURE INLAND TRANSIT in India (not in conjunction with overseas voyage)? |
| American Clauses |
| Marine Transit Risks Clauses |
| Institute cargo marine clauses |
| Inland Transit Risks Clauses |
| Marine cargo clauses |
| Q10.The CONSIDERATION or RETURN for the insurers for acceptance of risk is known as __. |
| Risk Money |
| Proposal |
| Reward |
| Premium |
| proposal |