IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS - 07
| Q1.How many prominent IRDA regulations are applicable to Marine Insurance? |
| a) One |
| b) Two |
| c) Three |
| d) Four |
| Q2.Which insurance is needed for safety, business requirements, and avoidance of large financial losses in case of contingent events? |
| a) Fire insurance |
| b) Crop insurance |
| c) Marine insurance |
| d) Life insurance |
| Q3.Statement 1.- Insurance companies settle Marine Export claims through settling agents only Statement 2 Insurance companies settle Marine Export claims through survey agents and settling agents |
| a) Statement 1 is correct |
| b) Statement 2 is correct |
| c) Both 1 and 2 are correct |
| d) Both 1 and 2 are wrong |
| Q4.Under the perils clause and associate clauses, the cover for the total loss of the ship or for repairs to the ship is payable only if proximately caused by : |
| a) Perils of the seas, rivers, lakes, or other navigable waters |
| b) The perils specified in Clause 6 |
| c) The perils of piracy |
| d) The perils by fire |
| Q5.The marine policies can be transferred by assignment unless expressly it is prohibited |
| a) they may be assigned either before or after the loss |
| b) they may be assigned only before the loss |
| c) they cannot be assigned at all |
| d) none of the above |
| Q 6. The company from which the operator leases drilling rigs for the purpose of drilling wells is known as ___. |
| a) Agent |
| b) Drilling Contractor |
| c) Operator |
| d) Commissioner |
| Q7.Which of the following is not a basic requirement for Tugs? |
| a) Self-propelled |
| b) Stability under all conditions of operation |
| c) Maneuverability |
| d) Adequate towing power |
| Q8.In marine insurance, the insurable interest should be there |
| a) At the time of issuance of policy |
| b) At the time of payment of a claim |
| c) At the time of occurrence of the loss |
| d) None of the above |
| Q9Which exists independent of insurance and there is a GA act when any extraordinary sacrifice or expenditure is intentionally/ voluntary and reasonably made or inured for the common safety for the purpose of preserving from peril the property involved in a common maritime adventure? |
| a) Salvage charges |
| b) Partial Loss |
| c) Actual Total Loss |
| d) General Average |
| Q10.Clause 13 of Group B of Institute Time Clauses deals with |
| a) Deductible |
| b) Duty of Assured(Sue and Labor) |
| c) Unrepaired Damage |
| d) Constructive Total Loss |
