ICS03 - Marine Cargo (Surveyor) Mock Test 17
These questions cover important concepts in Marine Insurance, Reinsurance, Institute Cargo Clauses, Incoterms, Waterborne Agreements, Bills of Lading and Cargo Clauses. Key areas include protection of underwriters through subrogation and contribution, applicable law and practice in insurance, the broadest coverage under ICC(A), and facultative reinsurance for individual risks. The questions also examine the history of general insurance companies in India, the meaning of Incoterms, war risk under Waterborne Agreements, loading as a covered peril, and documents of title such as Bills of Lading. Pair and Set Clauses and their applicability to different cargo types are also important ICS03 examination topics.
Q1. In marine insurance, there is a provision for the protection of the interest of an underwriter. Which among the following provides this provision?
a) Proximate Clause
b) Subrogation and Contribution
c) Insurable Interest
d) Utmost Good Faith
e) Indemnity
Q2. Insurance is mostly subject to:
a) Local Law
b) English Law and Practice
c) Maritime Law
d) International Law
e) Based on Situations
Q3. Which cover, as per Institute Cargo Clauses, provides the widest range of cover in marine insurance?
a) ICC B
b) ICC A
c) ICC C
d) All of the above
e) None of the above
Q4. For an individual risk, what type of reinsurance is used?
a) Proportional Treaty
b) Excess of Loss Reinsurance
c) Proportional Facultative Reinsurance
d) Reinsurance Treaty
e) Risk Attaching Reinsurance
Q5. The first insurance company to transact all classes of general insurance business in India is:
a) General Insurance Company Ltd.
b) Indian Mercantile Insurance Ltd.
c) New India Insurance Co. Ltd.
d) Triton Insurance Company Ltd.
e) United India Insurance Company Limited
Q6. Incoterms rules are also called:
a) International Clauses Terms
b) International Commercial Terms
c) International Credit Terms
d) International Clearing Terms
e) International Cash Terms
Q7. As per the Waterborne Agreement, war risk is covered only on:
a) Land
b) Water
c) Air
d) Container Freight Station
e) All of the above
Q8. Loading is a peril covered under:
a) ITC A
b) ITC B
c) ITC C
d) Loading and Unloading Clause
e) Container Clause
Q9. Which of the following is considered a "Document of Title" to the goods, allowing it to be sold or transferred while the goods are in transit?
a) Bill of Lading
b) Bill of Entry
c) Airway Bill
d) Lorry Receipt
e) Railway Receipt
Q10. Pair and Set Clause is not applicable for which of the following cargo?
a) Pipes
b) Cables
c) Sheets
d) Machinery
e) Glass Sheets
