ICS03 - Marine Cargo (Surveyor) Mock Test 13
These questions cover important concepts in Marine Cargo Insurance, Air Waybills, Insurable Interest, Waterborne Clauses, Reinsurance, Excess/Deductibles, Documentary Credits, War Insurance, Bills of Lading, General Average and Inland Transit Insurance. Key areas include the structure of an Air Waybill number, timing of insurable interest, Institute War and Waterborne Clauses, proportional treaty reinsurance, calculation of claims after applying excess, and D/P and D/A payment methods. The questions also examine Master Bills of Lading, salvage as General Average expenditure and duration limits under Inland Transit insurance. These topics are essential for ICS03 Marine Cargo (Surveyor) examination preparation.
Q1. All Air Waybills are of 11 digits, of which the first 3 digits represent the __________, the next 7 digits are the __________ while the last is a __________.
a) Actual running number for the consignment, check-digit, Airline code
b) Airline code, actual running number for the consignment, check-digit
c) Check-digit, Airline code, actual running number for the consignment
d) None of the above
Q2. In a marine cargo policy, the insurable interest should exist:
a) At the time of commencement of transit
b) At the time of acceptance of proposal
c) At the time of loss
d) At the time of proposal
Q3. Waterborne Clause is:
a) ICC (A)
b) ICC (Air)
c) IWC (Cargo)
d) None of the above
Q4. What is an annual reinsurance program valid for a year and during this period whatever risk, allowed by the reinsurer, underwritten by the insurer would automatically be ceded to the treaty?
a) Reinsurance
b) Proportional Facultative Reinsurance
c) Proportional Treaty Reinsurance
d) None of these
Q5. A Marine Cargo Policy is subject to an Excess of 1% per consignment. A loss to the tune of Rs. 1 lakh happened in a consignment value of Rs. 5 lakh. Then the loss payable to the Insured will be:
a) Rs. 1 Lakh
b) Rs. 95,000
c) Rs. 99,000
d) Rs. 50,000
Q6. In which case does the collecting bank present a bill of exchange to the buyer for acceptance, and the accepted bill of exchange along with the title documents remain with the bank?
a) D/P (Documents Against Payment)
b) Acceptance of Documents Against Payment
c) D/A (Documents Against Acceptance)
d) None of these
Q7. Institute War Insurance attaches only as the subject-matter insured, and as to any part, as that part is loaded onto the aircraft for commencement of the air transit insured and terminates, subject to the applicable clauses, after:
a) 15 days
b) 30 days
c) 45 days
d) 60 days
Q8. __________ is issued by the shipping line.
a) Master Bill of Lading
b) House Bill of Lading
c) Clean Bill of Lading
d) Claused Bill of Lading
Q9. Which form of General Average expenditure that is commonly encountered is 'salvage' paid to a third party for services rendered to a vessel and her cargo in time of distress?
a) Extraordinary
b) Port of Refuge Expenses
c) Common Maritime Adventure
d) Salvage Paid for Services
Q10. For Inland Transit, Duration Clause limits the coverage to:
a) 7 days of arrival of consignment at destination town
b) 7 days of arrival of consignment to the warehouse of consignee
c) 60 days of arrival of consignment at destination town
d) 60 days of arrival of consignment to the warehouse of consignee
