ICS03 - Marine Cargo (Surveyor) Mock Test 01
These questions cover important concepts related to Marine Cargo Insurance, Cargo Surveying, Reinsurance, Agricultural Insurance, and Insurance Regulation. Key areas include transferability of marine cargo insurance contracts, types of Bills of Lading such as Clean Bill of Lading, minimum premiums in sheep insurance, and non-proportional agricultural reinsurance. They also cover premium rates under Comprehensive Floriculture Insurance, major causes of cargo transportation losses, and the duration of Institute Cargo Clauses. Other important topics include the establishment of IRDA, factors affecting cargo insurance rating, and limits of insurer liability per conveyance. These concepts are useful for ICS03 Marine Cargo (Surveyor) examination preparation.
Q1. The marine cargo insurance contracts are easily transferable. The marine cargo insurance policies are not transferable easily like other insurance covers.
a) Both are incorrect
b) 1 is not correct
c) 2 is correct
d) 1 is not incorrect
Q2. Which Bill of Lading is said to be issued when the shipping carrier signs off the BL stating that when the packages were loaded onto the vessel they were in sound condition?
a) Straight Bill of Lading
b) Ocean Bill of Lading
c) Clean Bill of Lading
d) Claused Bill of Lading
Q3. How much is the minimum per policy in case of sheep insurance?
a) There is no specified minimum premium
b) Rs. 30 per policy
c) Rs. 50 per policy
d) Rs. 100 per policy
Q4. Which of the following is true regarding non-proportional agricultural reinsurance?
a) Liability of the reinsurer is less as compared to the premium he receives
b) Liability of the reinsurer is not proportional on each risk but based on agreed parameters
c) Liability of the reinsurer is greater as compared to the premium he receives
d) Quota share is an example of non-proportional reinsurance
Q5. In Comprehensive Floriculture Insurance, what is the premium rate for the farm having poly-house with aluminium grippers?
a) 0.01
b) 0.015
c) 0.0175
d) 0.025
Q6. What is the reason for major losses in transportation of cargo?
a) Theft, pilferage and non-delivery
b) Handling and stowage losses
c) Water damage
d) All of the above
Q7. Under Institute Cargo Clause, until the subject-matter insured is sold and delivered at such port or place, or, unless otherwise specially agreed, until the expiry of ______ after arrival of the subject-matter insured at such port or place, which is applicable?
a) 15 days
b) 30 days
c) 45 days
d) 60 days
Q8. When was IRDA set up as an autonomous statutory body to regulate and develop the Indian Insurance Industry?
a) 1998
b) 2000
c) 1999
d) 2001
Q9. Which of the following principal factors affect the rating of every cargo insurance?
a) Vessel
b) Nature of cargo
c) Conditions of insurance
d) All of the above
Q10. Which represents the maximum liability of the insurer per conveyance for any claim arising out of one accident/incident or a series of accidents/incidents arising out of the same event?
a) Limit per location
b) Limit per sending
c) Declarations
d) Inspection of records
