IC60 MARINE CARGO INSURANCE UNDERWRITING – 10

Q1.Inherent vice of the subject matter is covered under
 

 a) ICC (A)

 

 b) ICC (B)

 

 c) Institute Coal Clauses

 

 d) None of the above

 

Q2.Which of the following is not a section that would be present in an energy package policy?
 

 a) Property damage

 

 b) Control of Well

 

 c) Risk involves

 

d) Third Party Liabilities

 

Q3.In the case of ___ bank will release the documents to the buyer against acceptance of a bill of exchange promising to pay at a future date.
 

 a) D/P(Documents Against Payment)

 

 b) Acceptance of Documents Against Payment

 

 c) D/A(Document Against Acceptance)

 

 d) None of these

 

Q4.What means that the seller delivers the goods to the first carrier nominated by him, but the seller must in addition pay the cost of carriage necessary to bring the goods to the named destination?
 

 a) Carriage and Insurance Paid To

 

 b) Cost Insurance and Freight

 

 c) Carriage Paid To

 

 d) Free Alongside Ship

 

Q5. Which clause defines that in the event of the Assured’s interest being ‘shut out’ from the chosen vessel, this contract extends to cover the subject matter whilst waiting on the wharf, quay, or pier including transfer to and while at another wharf, quay or pier and by such forwarding conveyances SUBJECT to the Assured notifying the insurer as soon as they become aware of such an event?
 

 a) Shut-out Clause

 

 b) Concealed Damage Clause

 

 c) Brands clause

 

 d) Airfreight Replacement Clause

 

Q6.Which means that the seller delivers the goods, cleared for export, to the carrier nominated by the buyer at the named place and it should be noted that the chosen place of delivery has n impact on the obligations of loading and unloading the goods at that place?
 

a) Ex-works

 

 b) Free Alongside

 

 c) Free on Board

 

 d) Free carrier

 

Q 7. Which is a marine policy that combines the traditional transit exposures along with the storage risk of stocks under a single document in a seamless manner?
 

 a) Specific policy

 

 b) Multi-Transit policy

 

 c) Open Cover

 

 d) Stock Throughput Policy

 

Q 8. Which of the following are considered as main activities of the General Insurance Council?
 

a) Promotion of a better understanding on non-life insurance among the public

 

 b) Information exchange with overseas insurance associations

 

 c) Spearheading common industry issues like Combating insurance frauds.

 

 d) All of the above

 

Q9.Under which clause, the underwriter or assured while exercising loss minimization activities should not waive or accept the abandonment of the subject. Does this clause also protect the right of either party?
 

 a) Duty of Assured (Clause 8)

 

 b) Not to Insure Clause(Clause 7)

 

 c) Waiver Clause(Clause 9)

 

 d) Insurable Interest Clause(Clause 6)

 

Q10.The insurable interest should be present in Marine Cargo policy
 

 a) At the time of acceptance of risk

 

 b) During the currency of the policy

 

 c) At the time of loss

 

 d) None of the above

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