ICS04 - Marine Hull (Surveyor) Mock Test 20
These questions cover important ICS04 – Marine Hull (Surveyor) topics, including marine insurance premiums, Gross Registered Tonnage (GRT), assignment of marine policies, drilling contractors, mortgage terminology, Single Buoy Mooring (SBM), the Marine Insurance Act, Institute Time Clauses-Hulls, crew wage insurance, and the International Association of Classification Societies (IACS). The questions focus on underwriting considerations, transfer of marine insurance interests, offshore drilling operations, vessel financing, SBM operations, statutory provisions governing marine insurance, policy conditions, insurance of crew wages, and ship classification societies. These concepts are important for understanding marine hull underwriting, policy interpretation, risk assessment, claims, and surveyor examination preparation.
Q1. Premiums up to the amount of the actual premiums paid for a period not exceeding ___________, the sum insured to be reduced pro-rata and monthly as earned.
a) 6 months
b) 12 months
c) 18 months
d) 24 months
Q2. In case of Marine Insurance, which one of the statements is correct with respect to GRT of the ship?
a) Risk increases with the increase in GRT
b) Risk decreases with the decrease in GRT
c) Risk decreases with the increase in GRT
d) The GRT does not play any role on risk
Q3. The marine policies can be transferred by assignment unless expressly it is prohibited.
a) They may be assigned either before or after the loss
b) They may be assigned only before the loss
c) They cannot be assigned at all
d) None of the above
Q4. The company from which the operator leases drilling rigs for the purpose of drilling wells is known as ____________.
a) Agent
b) Drilling Contractor
c) Operator
d) Commissioner
Q5. A ________ lender is an investor that lends money secured by a Mortgage. E.g., banks, financial institutions.
a) Mortgage
b) Mortgagor
c) Mortgagee
d) None of these
Q6. Which of the following best describes a Single Buoy Mooring (SBM)?
a) A loading buoy anchored offshore that serves as a mooring point and interconnect for tankers
b) Transfer system by means of which crude oil or gas is transferred from the VLCC to the shore or vice versa
c) Both of the above
d) None of the above
Q7. Which of the following Acts codifies the law relating to marine insurance?
a) Insurance Act, 1938
b) IRDA Act, 1999
c) Institute Cargo Clauses, 1982
d) Marine Insurance Act, 1963
Q8. The conditions applicable are those covered by Institute Time Clauses-Hulls, but excluding Total Loss, and it is usual to stipulate that repairs must be commenced within ___________ of the expiry of the policy.
a) 6 months
b) 12 months
c) 18 months
d) 24 months
Q9. The wages of individual masters and workers are insurable in:
a) Hull and Machinery Insurance
b) Cargo Insurance
c) Protection and Indemnity (P&I) Insurance
d) Crew Wage Insurance
e) War Risk Insurance
Q10. The International Association of Classification Societies (IACS) is a technical NGO consisting of ________ marine classification societies, headquartered in London.
a) 11
b) 12
c) 13
d) 14
