IC60 MARINE CARGO INSURANCE UNDERWRITING – 14

Q1.Which are used for transporting chemical products which are flammable, corrosive, or toxic and these are fitted on to rectangular steel fame for ease of handling and safety during transportation?
 

 a) Flat Rack Containers

 

 b) Ventilated Containers

 

 c) Tank Containers

 

 d) Refrigerated Containers

 

Q2.Which section of MIA, 1906 states that representation of material circumstance by assured or their agents or their brokers, which influence the judgment of a prudent underwriter in deciding upon the premium and upon acceptance or risk, can be made in form of verbal or in the written statement?
 

 a) Section 18

 

 b) Section 19

 

 c) Section 20

 

 d) Section 21

 

Q3.If a ship is ‘missing’ , section 58 of the Act provides that if no news has been received after the lapse of a reasonable period, then:
 

 a) The ship is presumed to be an actual total loss

 

 b) The cargo on board is deemed to be an actual total loss

 

 c) Both the above are presumed to be an actual total loss

 

d) Neither ship nor cargo is presumed to be an actual total loss

 

Q 4. A contract of marine insurance is based on the principle of _____ and this means that the proposer has a legal duty to disclose all material facts relating to the proposed insurance.
 

 a) Underwriting

 

 b) Utmost good faith

 

 c) Warranties

 

 d) Representation

 

Q5.Which clause defines that This insurance is on the increased value of cargo by reason of payment of Customs Duty at the port or place of destination and is subject to the same clauses and conditions as the primary insurance of the cargo and to pay the same percentage of the Duty payable?
 

 a) Airfreight Replacement Clause

 

 b) Import Duty Insurance Clause

 

 c) Pair and Set Clause

 

 d) Institute Cargo Clause

 

Q6.Which institution is set up primarily by the Government-owned insurance companies to provide facilities for research in the field of insurance and also impart training in various aspects of insurance not only to the Indian Insurance Industry but also the industry in other countries?
 

 a) The Insurance Institute of India

 

 b) The National Insurance Academy

 

 c) The Institute of Insurance and Risk Management

 

 d) The IAI(Institute of Actuaries of India)

 

Q7.Does that mean that the seller delivers when he places the goods at the disposal of the buyer at the seller’s premises or another named place not cleared for export and not loaded on any collecting vehicle?
 

a) Ex-works

 

 b) Free carrier

 

 c) Free Alongside

 

 d) Free on Board

 

Q8.Which among the following is a new INCOTERM added in 2010?
 

 a) DAT (DELIVERED AT TERMINAL)

 

 b) DES (DELIVERED EX SHIP)

 

 c) DEQ (DELIVERED EX QUAY)

 

 d) DDU (DELIVERED DUTY UNPAID)

 

Q9.For validation of a vessel, a____is issued.
 

 a) Classification certificate

 

 b) Seaworthiness certificate

 

 c) Validation certificate

 

 d) Insurability certificate

 

Q10.Which of the following statement is true with regards to franchise in a marine insurance policy?
 

a) It is the sum amount that gets deducted from the claim amount

 

b) It is the sum amount that is added to the claim amount

 

 c) It is the amount beyond which the entire claim is payable

 

d) It is the amount up to which the claim is payable

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