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Category: IC60 MARINE CARGO INSURANCE UNDERWRITING – 03

IC60 MARINE CARGO INSURANCE UNDERWRITING – 03

Que. 1 : Q1) In which cause in case of damage affecting labels, capsules, or wrappers, the insurers, if liable therefor under the terms of the policy, shall not be liable for more than the amount sufficient to pay the cost of new labels, capsules and cost of reconditioning the goods, but in no event shall the insurers be liable for more than the insured value of the damaged merchandise?

   1.  a) Institute Cargo Clause

   2.  b) Labels Clause

   3.  c) Brands Clause

   4.  d) Airfreight Replacement Clause

Que. 2 : Q2) Under which features of high-risk cargo, the underwriter needs to add warranties in their policy for supervision of loading, lashing and unloading of cargo apart from insisting on suitability of the carrying conveyance?

   1.  a) Over-dimensional cargo

   2.  b) Perishable Cargo

   3.  c) Customised Cargo

   4.  d) None of these

Que. 3 : Q3) How many prominent IRDA regulations which are applicable to Marine Insurance?

   1.  a) One

   2.  b) Two

   3.  c) Three

   4.  d) Four

Que. 4 : Q4) Which of the following marine cargo policy is not assignable

   1.  a) Marine cargo specific policy

   2.  b) Certificate issued under open cover

   3.  c) Certificate issued under open policy

   4.  d) Annual policy

Que. 5 : Q5) Which clause states that “In no case shall this insurance cover loss, damage or expense arising from the absence, shortage or withholding of labour of any description whatsoever resulting from any strike, lock-out, labour disturbance, riot of civil commotion?

   1.  a) Clause 3.7

   2.  b) Clause 3.8

   3.  c) Clause 3.9

   4.  d) Clause 4.0