IC60 MARINE CARGO INSURANCE UNDERWRITING - 09
| Q1.What spells out the name and address of the insured, description of the commodities insured along with details of the voyage/transit, limits of coverage, the total value insured, the period of insurance, basis of valuation, and the premium charged? |
| a) Schedule |
| b) Terms of cover |
| c) Certificate of Insurance |
| d) Time Table |
| Q2.____ is the limit up to which nothing would be payable under the policy and beyond which the entire loss amount would be payable. |
| a) Franchise |
| b) Deductible |
| c) Insurance cover |
| d) None of these |
| Q3.In case of General Average Loss, the losses would be borne by all interests i.e ship, cargo, and Freight |
| a) In equal proportion of loss at the time of loss |
| b) In ratable proportion of loss at the time of loss |
| c) In ratable proportion of loss when the interests finally reach a destination |
| d) None of the above |
| Q4.Cargo carried by airlines will usually be covered under what class of business? |
| a) Aviation. |
| b) Casualty. |
| c) Marine. |
| d) Property. |
| Q5.Where there is unrepaired damage, underwriters are liable for the reasonable depreciation to the vessel thereby, provided : |
| a) She is not a total loss before the expiry of the policy |
| b) She is not a partial loss before the expiry of the policy |
| c) She is not an actual loss before the expiry of the policy |
| d) She is not a constructive loss before the expiry of the policy |
| Q6.The Institute Cargo Clauses are of how many types? |
| a) One |
| b) Two |
| c) Three |
| d) Four |
| Q7.Which version of Airfreight Replacement Clause defines that if the subject matter insured is lost or damaged as a result of a peril insured against, and irrespective of whether the subject-matter insured was originally sent by air, the company agrees to pay the reasonable cost of air freight? |
| a) Version I |
| b) Version II |
| c) Version III |
| d) Version IV |
| Q8.The term ____ implies some voluntary sacrifice of property made or expenditure incurred in a time of peril threatening all property involved in the common maritime adventure, with a view of preserving it from that peril. |
| a) General Average |
| b) Actual Loss |
| c) Labour charges |
| d) Particular Average |
| Q9.Which means that the seller delivers the goods to the buyer, not cleared for import, and not unloaded from any arriving means of transport at the named place of destination? |
| a) Delivered Duty Unpaid |
| b) Delivered At Frontier |
| c) Delivered Ex Quay |
| d) Delivered Ex Ship |
| Q10.Which may be defined as an agreement whereby an insurer agrees to indemnify the insured, in the manner and to the extent agreed, for physical loss or damage to his cargo during marine transit? |
| a) Fire Insurance Policy |
| b) Life Insurance Policy |
| c) Marine Insurance policy |
| d) Agriculture Insurance Policy |