IC66 MARINE INSURANCE CLAIMS – 03

Q1.Which section says that continuing with the insurable interest aspect, contracts of marine insurance also allows assured to acquire contingent insurable interest over the cargo at the time of loss?
 

 a) Section 8 of the Act

 

 b) Section 9 of the Act

 

 c) Section 10 of the Act

 

 d) Section 11 of the Act

 

Q2.The amount of liquid within a container that is lost by leakage in shipment or storage is determined by a process called __.
 

a) Handling

 

 b) Draft survey

 

 c) Ullaging

 

 d) None of these

 

Q3.Which of the following is not a term of sale in marine
 

 a) C and; F

 

 b) CIF

 

 c) FOB

 

 d) CFP

 

Q4.Who are appointed in cases where there are pointers that the claim preferred by the assured or the surrounding circumstances are extremely suspicious?
 

 a) Tracers

 

 b) Surveyors

 

 c) Insurance brokers

 

 d) Investigators

 

Q5.Which party in cargo insurance prepared a document called Statement of General Average?
 

 a) Average Adjustors

 

 b) Maritime Lawyers

 

 c) Surveyors

 

 d) Tracers

 

Q6.Which section says that where the assured is insured for an amount less than the insurable value, or, in the case of a valued policy, for an amount less than the policy valuation, he is deemed to be his own insurer in respect of the uninsured balance?
 

 a) Section 61 of the Act

 

 b) Section 71 of the Act

 

 c) Section 81 of the Act

 

 d) Section 91 of the Act

 

Q7.Which of the below statement is not true with regard to the relating Carriage of goods by Road?
 

a) It is mandatory for the common carrier to issue a good receipt, after the acceptance of risk may be before or after loading of cargo onto the carrying conveyance.

 

b) The common carrier is responsible for any damage or loss or deterioration of cargo including non-delivery of cargo that was in transit and such entrusted in the common carrier.

 

c) The liability of the common carrier for loss of, or damage to any consignment, shall be limited to such amount as may be prescribed irrespective of the value, freight, and nature of goods, document, or articles of the consignment.

 

d) Common carrier is allowed to charges higher freight as compared to his normal rate of freight for shipment of any high-value cargo

 

Q8.What is a temporary document issued by the insurer/ his authorized representative pending issuance of the policy?
 

 a) Letter of Credit

 

 b) Documentary

 

 c) Cover Note

 

 d) None of these

Q9.Which one of the following is not an essential element to average the proximate loss as Privacy?
 

 a) Vessel must be at sea

 

 b) There must be a robbery

 

 c) Force or the threat of force used

 

d) The good that was robbed are of precious nature

 

Q10.A ____ to define the purpose of the risk management exercise and the expected outcomes.
 

a) history of losses is thoroughly analyzed

 

 b) preliminary meeting of all stakeholders

 

 c) review the logistics chain and the cargo risk

 

 d) solution should be defined and recommendations made

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