ICS03 - Marine Cargo (Surveyor) Mock Test 14
These questions cover important concepts in Marine Cargo Insurance, Institute Cargo Clauses, Classification Clauses, General Average, Incoterms, General Insurance Council, Marine Documentation, Indian Marine Insurance Law, Bottomry, Deductibles and Open Policies. Key topics include differences between ICC(B) and ICC(C), voluntary sacrifices under General Average, the number of Incoterms 2000, activities of the General Insurance Council, insurance certificates used by banks, applicable law for Indian marine cargo policies, historical Bottomry rates, deductibles in claims, and Multi-Transit Policies. Understanding these concepts is essential for marine insurance underwriting, claims assessment, policy interpretation and ICS03 Marine Cargo (Surveyor) examination preparation
Q1. Which of the following risks covered under Institute Cargo Clauses (B) are not covered under Cargo Clauses (C)?
a) Stranding of vessel
b) Collision of vessel
c) Sea water damage
d) Explosion
Q2. The Classification Clause deals with:
a) The authority of the classification society
b) The duty of the assured to comply with all the recommendations of the society
c) Imposes strict duty on the insured to maintain the class of the vessel
d) All of the above
Q3. The term __________ implies some voluntary sacrifice of property made, or expenditure incurred in a time of peril threatening all property involved in a common maritime adventure, with a view to preserving it from that peril.
a) General Average
b) Actual Loss
c) Labour Charges
d) Particular Average
Q4. How many INCOTERMS were there as per INCOTERMS 2000?
a) 11
b) 13
c) 18
d) 25
Q5. Which of the following are considered the main activities of the General Insurance Council?
a) Promotion of a better understanding of non-life insurance among the public
b) Information exchange with overseas insurance associations
c) Spearheading common industry issues like combating insurance frauds
d) All of the above
Q6. Which document, in the absence of a specific policy, helps the bank to authenticate the existence of insurance cover and relate it to the documentary bill?
a) Certificate of Incorporation
b) Certificate of Insurance
c) Certificate of College
d) None
Q7. The Marine Cargo policies issued in India with ICC(A) Clause are subject to:
a) Indian Law and Practice
b) English Law and Practice
c) American Law and Practice
d) None of the above
Q8. Bottomry spread rapidly through the Mediterranean region and the Roman Emperor Justinian passed an edict restricting Bottomry rates to __________.
a) 0.12
b) 0.15
c) 0.20
d) 0.25
Q9. __________ is the sum amount which will get deducted from the claim amount.
a) Franchise
b) Deductible
c) Insurance Cover
d) None of these
Q10. What is a single marine open policy providing coverage to multiple transits of the insured, where the 'Voyage Section' of the policy schedule describes all the transits, thus doing away with the need for having multiple open policies?
a) Open Policy
b) Closed Policy
c) Multi-Transit Policy
d) Specific Policy
