ICS03 - Marine Cargo (Surveyor) Mock Test 03
These questions cover important concepts in Marine Cargo Insurance, Institute Cargo Clauses, export insurance, underwriting systems, multimodal transportation and cargo risks. Key areas include the roles of survey agents and settling agents in marine export insurance, Airfreight Replacement Clauses, and electronic underwriting systems. The questions also examine Stock Throughput Policies, Multimodal Bills of Lading, commencement of risk under Institute Cargo Clauses, ICC(A) coverage and exclusions, cover notes, bulk cargo and additional extraneous risks under ICC(B). Understanding these concepts helps candidates identify policy structures, cargo transit arrangements, claims procedures, underwriting practices and coverage extensions relevant to ICS03 Marine Cargo (Surveyor) examination preparation.
Q1. In marine export insurance:
Statement 1: Survey agents are appointed to inspect the damaged cargo, assess loss, and submit a report.
Statement 2: Settling agents handle settlement of claims on behalf of insurers, including documentation and payment processing.
a) Statement 1 is correct
b) Statement 2 is correct
c) Both 1 and 2 are correct
d) Both 1 and 2 are wrong
Q2. Which version of Airfreight Replacement Clause defines that if the subject matter insured is lost or damaged as a result of a peril insured against, and irrespective of whether the subject matter insured was originally sent by air, the company agrees to the specified replacement terms?
a) Version I
b) Version II
c) Version III
d) Version IV
Q3. In __________, the system follows the principle of pre-underwriting—up to a limit and for preset parameters, the certificates can be generated by the insured himself.
a) E-data
b) E-marine
c) E-underwriting
d) E-certificate
Q4. Which is a marine policy that combines the traditional transit exposures along with storage risk of stocks under a single document in a seamless manner?
a) Specific policy
b) Multi-Transit policy
c) Open Cover
d) Stock Throughput Policy
Q5. Which are very much in vogue today and are through Bills of Lading issued in respect of containerized cargo where at least two modes of transport, land and ocean, are involved?
a) Multimodal Bills of Lading
b) To Order Bill of Lading
c) Ocean Bill of Lading
d) Straight Bill of Lading
Q6. Under the Institute Cargo Clauses, the risk commences:
a) When invoice is received
b) From the time the lorry receipt is issued
c) When the cargo leaves the warehouse of the consignor
d) None of the above
Q7. Consider the following statements:
Statement 1: The attachment of insurance under ICC(A) commences from the time the goods leave the warehouse.
Statement 2: The insurance under ICC(A) (All Risks) covers damage or expense caused by delay when this delay is caused by a risk insured against.
a) Both statements are incorrect
b) Statement 1 is correct
c) Statement 2 is correct
d) Both statements are correct
Q8. Cover note was issued by:
a) Insurer
b) Authorised representative
c) Either a or b
d) None of the above
Q9. Which among the following refers to bulk cargo?
a) Cargo packaged in containers
b) Cargo in huge quantities carried in 'unpackaged form' in the hold/tanks of the vessels
c) Cargo transported by rail
d) Cargo transported by air
Q10. Which of the following extraneous risks can be added under ICC(B) clauses on payment of extra premium?
a) Heating
b) Sweating
c) Breakage
d) All the above
