IC67 MARINE INSURANCE EXAM - 12
| Q1.What is the main difference between the functions of XIS and XCS of the Llyod’s? |
| Llyod’s policies are signed on behalf of the underwriters concerned by the XCS whereas the claims process and settlement is looked after by XIS |
| Llyod’s policies are signed on behalf of the underwriters concerned by the XIS whereas the claims process and settlement is looked after by XCS |
| XIS is an agent of the Llyod’s whereas the XCS is an underwriter of Llyod’s |
| XCS is an agent of the Llyod’s whereas the XIS is an underwriter of Llyod’s |
| Llyod’s agency department appoints the members of the XCS whereas the members of the XIS are elected by the underwriters |
| Q2.Which act states that an insurer under a contract of marine insurance having an insurable interest in his risk can re-insure in respect of it? |
| Indian Companies Act 2013 |
| Marine Insurance Act 1963 |
| COGSA 1925 |
| Insurance Act 1938 |
| Carrier’s Act 1865 |
| Q3.The underwriting members of the Corporation of Lloyd’s, through their underwriting agents, form groups which are called ____ . |
| Cartels |
| Syndicates |
| Brokers |
| Insurers |
| International Maritime Bureau |
| Q4.Actual total loss is a physical total loss and is ___. |
| Absolute |
| Avoidable |
| Contractual |
| Measurable |
| Real |
| Q5.If a vessel is registered in a 'Flag of Convenience (FOC) country, it is of serious concern for the underwriters - Why? |
| If a vessel is registered in a 'Flag of Convenience (FOC) country then one has to pay high wages |
| As the standards of safety and crew competence required by FOC countries are below the high standards set by other countries |
| If a vessel is registered in a 'Flag of Convenience (FOC) country then it requires high maintenance |
| Vessels of the FOC countries are not at all seaworthy |
| Vessels of the FOC vessels are all chartered vessels and expensive to sail |
| Q6.What is a LASH Ship? |
| A LASH ship is a hi-tech ship equipped with satellite navigation |
| A LASH ship is used to ferry cars, trucks, etc. which are self-driven inside the ship. It does not have any cranes |
| A LASH ship carries containers in the form of barges and has massive cranes for loading and unloading |
| A LASH ship is basically used in the transportation of passengers |
| A LASH ship is basically used in the transportation of cargo over oceans |
| Q7.As per the Indian Railways Act 1989, under which type of freight charge is the Railway Administration at more risk ? |
| Owner’s Risk Rate (ORR) |
| Railway’s Risk Rate (RRR) |
| Carrier's Risk Rate |
| Claimant’s Risk Rate |
| Transporter's Risk Rate |
| Q8.Identify the CORRECT statement with respect to the remuneration paid to a Lloyd’s Agents - |
| They receive a commission on the amount of insurance premium generated as per the scale approved by Lloyd’s |
| Their remuneration consists of survey fees, charged on a time and trouble basis for surveys and also a commission on the amount of insurance premium generated, as per the scale approved by Lloyd’s |
| Their remuneration consists of survey fees, charged on a time and trouble basis for surveys and settling commission for adjustment of claims according to a scale approved by Lloyd’s |
| They receive fixed salary per month plus settling commission for adjustment of claims as per the scale approved by Lloyd’s |
| They receive a fixed salary per month plus a commission on the amount of insurance premium generated, as per the scale approved by Lloyd’s |
| Q9.____ is an incidental clause of cargo insurance contracts. |
| Pair and Set Clause |
| Registered Mail and Postal sending by Air |
| Institute Cargo Clauses (Air) |
| Institute War Clauses (Cargo) |
| Termination of transit (Terrorism) clause |
| Q10.Identify in which way is the International Underwriting Association of London (IUA) different from the International Union of Marine Insurers (IUMI)? |
| IUA is a body which appoints the Lloyd’s Agents whereas IUMI is for promoting the implementations of process reforms and electronic interfaces across the market |
| IUA is for promoting the implementations of process reforms and electronic interfaces across the market whereas IUMI works for safeguarding and developing insurer's interests in marine and transport insurance |
| IUA works for safeguarding and developing insurer's interests in marine and transport insurance whereas IUMI is a body which appoints the Lloyd’s Agents |
| IUA the main job is to fight all types of maritime crimes whereas IUMI works for safeguarding and developing insurer's interests in marine and transport insurance |
| IUA is for promoting the implementations of process reforms and electronic interfaces across the market whereas IUMI main job is to fight all types of maritime crimes |