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Category: IC60 MARINE CARGO INSURANCE UNDERWRITING – 16

IC60 MARINE CARGO INSURANCE UNDERWRITING – 16

Que. 1 : Q1) Under which features of high-risk cargo, the underwriter needs to understand the nature of the machine being covered, its reparability, facilities for testing, manufacturer’s support and have appropriate deductibles or conditions of contributions in place apart from conditions for supervision of the loading, lashing and handling of the cargo?

   1.  a) Customised Cargo

   2.  b) Machinery with no testing facility locally

   3.  c) Cargo falling under IMDG code

   4.  d) High value, low bulk cargo

Que. 2 : Q2) Which of the following risks covered under Institute Cargo Clauses (B) are not covered under Institute Cargo Clauses (C) Statement A: Discharge of cargo at port of distress Statement B: Earthquake, volcanic eruption, lightning.

   1.  a) Statement A only

   2.  b) Statement B only

   3.  c) Both statements

   4.  d) Neither of the Statements

Que. 3 : Q3) Which warranties like legality of subject matter from the basis of all contracts including contacts, such warranties are applied to all insurance contracts without any variations?

   1.  a) Implied warranties

   2.  b) Express warranties

   3.  

   4.  

Que. 4 : Q4) In case of liquid cargo, the term ullage refers to

   1.  a) Quantity that cannot be discharged

   2.  b) Quantity that were destroyed

   3.  c) Quantity that disappeared

   4.  d) Non standard packing

Que. 5 : Q5) Which aims to serve the learning and developmental needs of emerging markets in the context of their contemporary challenges in Insurance sector?

   1.  a) The Insurance Institute of India

   2.  b) The National Insurance Academy

   3.  c) The Institute of Insurance and Risk Management

   4.  d) The IAI(Institute of Actuaries of India)