IC66 MARINE INSURANCE CLAIMS – 01

Q1.In marine insurance, an insured may abandon the subject matter to the insurers and claim a Constructive Total Loss. Say whether True or False.
 

 a) True

 

 b) False

 

Q2.Which of the following is not relevant for General Average
 

 a) Insured perils

 

b) York Antwerp rules

 

 c) General average Act

 

 d) None of the above

 

Q3.A marine policy must specify which of the following?
 

 a) the voyage-matter insured and the risk insured against

 

 b) the sum or sums insured

 

 c) the name or names of the insurer or insurer

 

 d) All of the above

 

Q4.In marine insurance, if either of the party does not follow utmost good faith
 

 a) the contract is void.

 

 b) The contract is valid

 

 c) The contract becomes voidable

 

 d) None of the above

 

Q5.Expand the term CSS Code with reference to marine cargo insurance.
 

 a) Code of safe practice for cargo stowing and; securing

 

 b) Code of safe practice for cargo steering and securing

 

 c) Code of safe practice for cargo stowing and steering

 

 d) Code of safe practice for cargo staking and securing

 

Q6.What were the Statutory Time Limitations on the Recovery of Port Authority for filing claims?
 

 a) 7 days from date of discharge

 

b) 15 days from the date of discharge

 

 c) 30 days from date of discharge

 

d) 45 days from the date of discharge

 

Q7.Which of the below is correct with regards to regards to bearing of the general average loss?
 

 a) It is to be borne by the insurance company

 

 b) It is shared by all parties to the venture

 

 c) It is to be borne by the consignor

 

 d) It is to be borne by the consignee

 

Q8.While drafting the policy document, underwriter, in case of ____, the maximum liability of underwriter would be maximum insurable value.
 

 a) Valued policy

 

 b) Unvalued policy

 

Q9.Sue and Labour clause is
 

a) The amount and labor incurred in filing a suit

 

 b) Payable even after total loss is paid

 

 c) GA losses can be recovered under this clause

 

 d) The cost incurred in averting or minimizing any loss

 

Q10.The Insurance Act, 1938 requires that claims exceeding Rs. 20,000 should be surveyed by a surveyor holding a valid license from the controller of insurance.
 

 a) Rs. 20,000

 

 b) Rs. 40,000

 

 c) Rs. 50,000

 

 d) Rs. 10,000

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