ICS03 - Marine Cargo (Surveyor) Mock Test 05
These questions cover important concepts in Marine Cargo Insurance, Incoterms, Marine Hull Insurance, Cargo Transportation and Insurance Principles. Key topics include the role of underwriters in determining premium levels based on material circumstances, the FAS Incoterm and transfer of cargo risk, historical forms used before the Institute Cargo Clauses, and responsibilities related to safe carriage of goods. The questions also cover the location of the National Insurance Academy, principles of insurance such as insurable interest, second-hand machinery total loss valuation, marine hull de-tariffing, exclusions under Inland Transit Clause 2009, and the use of railway rakes for transporting bulk commodities.
Q1. The material circumstances influence the premium level based on the judgments of:
a) Claims Settler
b) Underwriter
c) Civil Judge
d) Actuary
e) Business Team
Q2. The goods are placed alongside the vessel at the named load port. This means the risk of cargo would get transferred to the buyer from that moment. Which INCOTERM is involved in this?
a) FAS
b) FOB
c) CIF
d) The seller delivers when the goods pass the ship's rail in the port of shipment, but the seller has to pay for freight and other costs for the goods reaching the named port destination
e) FCA
Q3. Before Institute Cargo Clauses, which among the following forms was used?
a) SA Form
b) SH Form
c) SG Form
d) SM Form
e) SS Form
Q4. Once the cargo is on board a vessel, the safe passage of goods depends on:
a) Stevedores
b) Port Authorities
c) Shipper
d) Loading Master
e) Crew of the vessel and the vessel itself
Q5. National Insurance Academy is located in which location?
a) Mumbai
b) Chennai
c) Pune
d) Kolkata
e) Hyderabad
Q6. Mr. X purchases a laptop for his own use and takes insurance coverage for the laptop. This is an example of:
a) Principle of Utmost Good Faith
b) Principle of Insurable Interest
c) Principle of Indemnity
d) Principle of Proximate Cause
e) Principle of Subrogation and Contribution
Q7. In case of a second-hand machine where a total loss occurs, the loss payable will be the market value of the machine immediately prior to the loss. This is based on:
a) Air Freight Replacement Clause
b) Repair Clause
c) Second-hand Replacement Clause
d) Replacement Clause
e) Cutting Clause
Q8. The Marine Hull was de-tariffed with effect from:
a) 1st April 2007
b) 1st April 2006
c) 1st April 2009
d) 1st April 2005
e) 1st April 2000
Q9. The number of exclusions in Inland Transit Clause 2009 is:
a) 1
b) 2
c) 3
d) 4
e) 5
Q10. Railway rakes are very useful for transporting huge quantities of material like:
a) Coal
b) Cement
c) Iron Ore
d) Fertilizer
e) All of the above
