IC60 MARINE CARGO INSURANCE UNDERWRITING – 15

Q1.Which Credit cannot be canceled by the buyer?
 

 a) Revocable Credit

 

 b) Confirmed Credits

 

 c) Unconfirmed Credits

 

 d) Irrevocable Credit

 

Q2.Marine Policy offers
 

 a) Pure indemnity

 

 b) Strict Indemnity

 

 c) Adequate indemnity

 

 d) Modified form of Indemnity

 

Q3.Which among the following containers is the best suited for transporting flammable chemical production?
 

 a) Reefer containers

 

 b) Tank containers

 

 c) Ventilated containers

 

 d) Flat track containers

 

Q4.Which policy covers loss of or damage to the property insured hereunder directly caused by Governmental or civil Authorities for the public welfare or to mitigate a pollution hazard or other civil disaster or threat thereof, provided that the accident or occurrence creating the situation which required such Governmental action would have resulted in a recoverable claim under the policy if the property assured would have sustained physical loss or damage as a direct result of such accident?
 

 a) Concealed Damage Clause

 

 b) Deliberate Damage – Pollution Hazard Clause

 

 c) Airfreight Replacement Clause

 

 d) Brands Clause

 

Q5.Which exclusion states that in no case shall this insurance cover loss, damage, or expense caused by strikers, locked-out workmen, or persons taking part in labor disturbances, riots, or civil commotions?
 

 a) Exclusion 5

 

 b) Exclusion 6

 

 c) Exclusion 7

 

 d) Exclusion 8

 

Q6.Expend the term SOLAS
 

 a) Security of Lost Articles at Sea

 

 b) Security of Life at Sea

 

 c) Safety of Cargo at Sea

 

 d) Safety of Life at Sea

 

Q7.Identify incorrect statement
 

 a) All marine policies are not freely assignable

 

 b) Special declaration policy (SDP) is not assignable

 

 c) Marine policy is not assignable when goods are on high seas

 

d) Marine policy is not assignable when goods are in the bonded warehouse

 

Q8.Running down clause in a marine policy relates to
 

 a) Age of the vessel

 

 b) Collision

 

c) Termination of an insurance

 

 d) Age of the consignment

 

Q9.Which one of the following cannot be termed as the valued policy
 

a) Fire Standard policy

 

 b) Marine cargo policy

 

 c) Marine hull policy

 

 d) Jeweler section under householders policy

 

Q10.A Certificate of Insurance will carry which of the following details?
 

 a) Name of the Insurer

 

 b) Reference to the open policy number

 

 c) Points of origin and destination

 

 d) All of the above

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