ICS03 - Marine Cargo (Surveyor) Mock Test 19
These questions cover important concepts in Marine Insurance Claims, Constructive Total Loss, Subrogation, Recovery from Third Parties, Claims Documentation, Floating Policies, Insurable Interest, Survey Fees, Licensed Surveyors and Trade Clauses. Key topics include abandonment of insured property for Constructive Total Loss, principles governing recovery from third parties, statutory limitation periods for road carriers and postal authorities, documentation required to establish liability and claim quantum, and the concept of floating or open policies. The questions also examine contingent insurable interest, treatment of survey expenses, statutory survey requirements and identification of clauses that are not Trade Clauses. These are useful for ICS03 Marine Cargo (Surveyor) preparation.
Q1. In marine insurance, an insured may abandon the subject matter to the insurers and claim a Constructive Total Loss. Say whether True or False.
a) TRUE
b) FALSE
Q2. Recovery from Third Parties under a Marine Policy is based on the principles of:
a) Contribution
b) Subrogation
c) Assignment
d) Contribution and Subrogation
Q3. What was the Statutory Time Limitation on Recovery from Road Carriers for filing claims?
a) 30 days from knowledge of loss / date of transport receipt
b) 60 days from knowledge of loss / date of transport receipt
c) 120 days from knowledge of loss / date of transport receipt
d) 180 days from knowledge of loss / date of transport receipt
Q4. Which forms a very important part of the entire claims process, as the same are needed to support the claim being lodged and establishing liability in addition to arriving at the quantum of loss?
a) Subrogation
b) Documentation
c) Draft Survey
d) None of these
Q5. Which of the following is known as a 'Floating Policy'?
a) Specific Policy
b) Open Policy
c) Annual Policy
d) Package Policy under Duty Exemption Scheme
Q6. Which section says that, continuing with the insurable interest aspect, contracts of marine insurance also allow the assured to acquire contingent insurable interest over the cargo at the time of loss?
a) Section 8 of the Act
b) Section 9 of the Act
c) Section 10 of the Act
d) Section 11 of the Act
Q7. In a Marine Insurance claim, which of the following is correct?
a) If the claim is admissible, the insurer will reimburse the Survey Fees.
b) If the claim is not admissible, even then the insurer will bear the Survey Fees.
c) The insured will not bear the Survey Expenses if the claim is not admissible.
d) Insured will bear the Expenses if the claim is admissible.
Q8. As per the provision of the Insurance Act, 1983, all claims above __________ are to be surveyed by a licensed surveyor.
a) Rupees Five Thousand
b) Rupees Ten Thousand
c) Rupees Twenty Thousand
d) Rupees Fifty Thousand
Q9. Which of the following is not a Trade Clause?
a) Institute Replacement Clause
b) Institute Bulk Oil Clauses
c) Institute Natural Rubber Clause
d) Institute Coal Clauses
Q10. What was the Statutory Time Limitation on Recovery from Postal Authorities for Filing Suit?
a) 1 year from date of booking
b) 2 years from date of booking
c) 3 years from date of booking
d) 4 years from date of booking
