ICS04 - Marine Hull (Surveyor) Mock Test 13

Q1. __________ of the Marine Insurance Act, 1967 states that an insurer under a contract of marine insurance has an insurable interest in his risk and may reinsure in respect of it.

a) Section 7
b) Section 8
c) Section 9
d) Section 10

Q2. What is charged on the sum insured, which is intended to cover launching and trial runs?

a) Flat Basic Rate
b) Rate Per Month
c) Premium Payment
d) Deductible

Q3. A __________ is the borrower in a mortgage - he owes the obligation secured by the mortgage.

a) Mortgage
b) Mortgagor
c) Mortgagee
d) None of these

Q4. Which rules set out the general principles of General Average, like: 1) A definition of General Average 2) The effect of fault 3) The Onus of Proof?

a) The Rule of Interpretation
b) The Lettered Rules
c) The Rule Paramount
d) Numbered Rules

Q5. __________ is a promise by the assured to the underwriter that something shall or shall not be done or that a certain state of affairs does or does not exist.

a) Indemnity
b) Contract
c) Warranty
d) Subrogation

Q6. The underwriting result of a vessel or fleet is considerably influenced by which of the following?

a) Material used in the making of the vessel
b) Safety equipment installed in the vessel
c) Deductible imposed
d) All of the above

Q7. Which peril is covered under Marine Hull Policy?

a) Jettison
b) Fire and Explosion
c) Piracy
d) All the above

Q8. Which of the following statements is correct?

a) Insurable interest should exist at the time of effecting marine insurance
b) Insurable interest need to exist only at the time of loss
c) Insurable interest should be present throughout the currency of the policy
d) None of the above

Q9. Joint War Committee (JWC) usually meets __________.

a) Quarterly
b) Half-yearly
c) Annually
d) Once in Two Years

Q10. In case additional expenses are incurred to complete the voyage, the charges incurred would be recovered under:

a) General Average Clause
b) Sue and Labour Clause
c) Increased Value Clause
d) Limitation Clause