IC60 MARINE CARGO INSURANCE UNDERWRITING – 16

Q1.Under which features of high-risk cargo, the underwriter needs to understand the nature of the machine being covered, its reparability, facilities for testing, manufacturer’s support and have appropriate deductibles or conditions of contributions in place apart from conditions for supervision of the loading, lashing and handling of the cargo?
 

 a) Customised Cargo

 

 b) Machinery with no testing facility locally

 

 c) Cargo falling under IMDG code

 

 d) High value, low bulk cargo

 

Q2.Which of the following risks covered under Institute Cargo Clauses (B) are not covered under Institute Cargo Clauses (C) Statement A: Discharge of cargo at the port of distress Statement B: Earthquake, volcanic eruption, lightning.
 

 a) Statement A only

 

 b) Statement B only

 

 c) Both statements

 

 d) Neither of the Statements

 

Q3.Which warranties like the legality of subject matter from the basis of all contracts including contacts, such warranties are applied to all insurance contracts without any variations?
 

 a) Implied warranties

 

 b) Express warranties

 

Q4.In the case of liquid cargo, the term ullage refers to
 

 a) Quantity that cannot be discharged

 

b) Quantity that was destroyed

 

 c) Quantity that disappeared

 

d) Non-standard packing

 

Q5.Which aims to serve the learning and developmental needs of emerging markets in the context of their contemporary challenges in the Insurance sector?
 

 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)

 

Q6.If there is any doubt as to the meaning and effect of the words used or if there is any ambiguity in the policy, the benefit of the doubt is given to :
 

 a) The aggrieved party

 

 b) The insured

 

 c) The insurer

 

 d) All of the above

 

Q7.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 at destination

 

 d) None of the above

 

Q8.Which means it can be canceled or revoked by the buyer?
 

 a) Revocable Credit

 

 b) Irrevocable Credit

 

 c) Confirmed Credits

 

 d) Unconfirmed Credits

 

Q9.What is not a shipping document
 

 a) Bill of Lading

 

 b) Bill of Entry

 

 c) Mate Receipt

 

 d) Invoice

 

Q10.Which Lading is said to be issued when the shipping carrier signs off the BL stating that when the packages were loaded onto the vessel they were in sound condition?
 

 a) Straight Bill of Lading

 

 b) Ocean Bill of Lading

 

 c) Clean Bill of Lading

 

 d) Claused Bill of Lading

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