ICS04 - Marine Hull (Surveyor) Mock Test 19

Q1. The term __________ implies some voluntary sacrifice of property made, or expenditure incurred in a time of peril threatening all property involved in common maritime adventure, with a view of preserving it from that peril.

a) General Average
b) Actual Loss
c) Labour Charges
d) Particular Average

Q2. Clause 9 of Group C of Institute Time Clauses deals with:

a) Sister Ship
b) 3/4th Collision Liability
c) Deductible
d) None of these

Q3. International Maritime Bureau is a non-profit making organisation, established in __________ to act as a focal point in the fight against all types of maritime crime and malpractice.

a) 1961
b) 1971
c) 1981
d) 1991

Q4. Which of the following is not a term of sale in marine?

a) C&F
b) CIF
c) FOB
d) CFP

Q5. Running Down Clause in a marine policy relates to:

a) Age of the Vessel
b) Collision
c) Termination of Insurance
d) Age of the Consignment

Q6. A Package Insurance Policy would cover:

a) Property Damage
b) Port Blockage
c) Liability for Errors and Omission
d) All of the Above

Q7. Rule No. D-5 of the Rules of Practice of the Association of Average Adjusters sets out the division of:

a) Unrepaired Damage
b) Temporary Repairs Expenses
c) The Dry-Docking Expenses
d) Cost of Fuel and Stores

Q8. In Marine Open Cover which of the following is incorrect?

a) It provides automatic and continuous insurance protection to exporter/importer.
b) It is an unstamped document.
c) Under open cover premium is payable on each declaration.
d) Total sum insured is mentioned at the time of acceptance.

Q9. Deliberate sinking of vessels to claim under Hull Insurance is known as:

a) Scuttling
b) Abandonment
c) Barratry
d) General Average Loss

Q10. What could be the likely purpose behind purchasing stop-loss reinsurance?

a) Reduce variance of the underwriting result
b) Improve underwriting process
c) Bring down insurance costs
d) Eliminate losses