ICS03 - Marine Cargo (Surveyor) Mock Test 16
These questions cover important concepts in Marine Cargo Insurance, Marine Insurance Act 1906, IRDAI, Marine Clauses, Implied Warranties, Indian Transit Clauses, Incoterms, Actuarial Functions and Transportation Risks. Key areas include the renaming of IRDA as IRDAI, provisions of Section 51 of the Marine Insurance Act, Cutting Clauses, Duration Clauses, implied warranties, Indian-origin marine insurance clauses, and features of DAT Incoterms. The questions also examine risks excluded under ICC(C), the role of actuaries in assessing future financial uncertainty, and comparative safety of different transportation modes. These concepts are important for understanding marine underwriting and ICS03 Marine Cargo (Surveyor) examination preparation.
Q1. The IRDA, which was set up as an autonomous statutory body in April 2000 to regulate and develop the Indian insurance industry, is now renamed and called:
a) IRDAI
b) IRDA
c) IRDAF
d) IIRM
e) IRDA Ver 2.0
Q2. Section 51 of the Marine Insurance Act, 1906 deals with which of the following?
a) Insurable Interest
b) Declarations
c) Contribution
d) Exclusions
e) Indemnity
Q3. A consignment of pipes was sent to a buyer. On receipt, it was noted that the edges were damaged. The damaged portion alone was cut and the balance was used. Which clause is applied in this case?
a) Cutting Clause
b) Brand Clause
c) Labels Clause
d) Pipe Clause
e) Institute Repair Clause
Q4. Duration Clause is applicable for which of the following?
a) ICC-A
b) ICC-B
c) ICC-C
d) All of the above
e) None of the above
Q5. Which among the following is an example of implied warranty?
a) Only FCL cargoes are covered
b) The truck should be well covered with tarpaulin to protect the cargo from rainwater damage
c) Seaworthiness of the vessel
d) No transhipment of cargo allowed
e) Excluding taint damage to cargo
Q6. The clauses which are of Indian origin in marine insurance are:
a) ICC
b) ITC
c) SRCC
d) War Clauses
e) Packing Clause
Q7. Consider the following features of DAT:
i) Risk transfer to buyer takes place once the goods are unloaded at the named terminal.
ii) Seller has to take insurance.
iii) Seller has to bear all costs till the goods are delivered.
iv) The buyer takes delivery at the named terminal.
v) The seller is responsible for unloading the goods at the named terminal.
Which of the following is correct?
a) All are correct
b) i, iii, v are correct
c) iv, v are correct
d) i, ii, iii are correct
e) i, iii, iv are correct
Q8. Which among the following is not a covered risk under ICC-C?
a) Fire or Explosion
b) Discharge of Cargo at a Port of Distress
c) General Average Sacrifice
d) Washing Overboard
e) Vessel Stranded
Q9. The work of an Actuary among the following is:
a) To quote for the risks
b) To underwrite the risks
c) Arrange for settling the claims
d) To assess the financial impact of tomorrow's uncertain events
e) Source new business
Q10. Which among the following is the safest mode of transportation?
a) Ocean Voyage
b) Indian Roads
c) Indian Railway
d) Kerala Backwaters
e) Air
