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Category: IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS – 02

IC70 MARINE HULL INSURANCE UNDERWRITING AND CLAIMS – 02

Que. 1 : Q1) Which is a comprehensive set of measures to enhance the security of ships and port facilities, developed in response to the perceived threats to ships and port facilities in the wake of the 9/11 attacks in the Unites States?

   1.  a) The International Ship and Port Facility Security Code

   2.  b) MARPOL

   3.  c) Joint War Committee

   4.  d) The International Union of Marine Insurance

Que. 2 : Q2) In the field of marine hull, an underwriter has greater control over his commitments because each vessel or fleet is evaluated and underwritten______________.

   1.  a) Individually

   2.  b) Under open covers

   3.  c) Both of the above

   4.  d) None of the above

Que. 3 : Q3) Which is not a perfect contract of indemnity because the extent of indemnity depends upon the fact whether it is a valued or unvalued insurance and on any other terms?

   1.  a) Fire Insurance

   2.  b) Life Insurance

   3.  c) Marine Insurance

   4.  d) Crop Insurance

Que. 4 : Q4) The warranty on Geographical Limits is applicable to all types of vessels excluding Tugs / Launches / passenger vessels employed in Inland waters of India excluding :

   1.  a) Bihar

   2.  b) Sikkim

   3.  c) Both of the above

   4.  d) None of the above

Que. 5 : Q5) “Marine insurance policy is an Agreed Value Policy”. What does this statement imply?

   1.  a) The insurers undertake to replace or reinstate cargo or vessels in the event of loss, with full compensation.

   2.  b) The insurers do not undertake to replace or reinstate cargo or vessels in the event of loss, and do not provide any compensation.

   3.  c) The insurers do not undertake to replace or reinstate cargo or vessels in the event of loss; instead, they cancel the policy.

   4.  d) The insurers do not undertake to replace or reinstate cargo or vessels in the event of loss; they pay a sum of money, agreed in advance, that will provide reasonable compensation.