IC66 MARINE INSURANCE CLAIMS – 07

Q1.Which of the following is correct?
 

 a) Indemnity = Loss of GP during delay * Delay + Time Excess / Delay

 

 b) Indemnity = Loss of GP during delay / Delay – Time Excess * Delay

 

 c) Indemnity = Loss of GP during delay * Delay – Time Excess / Delay

 

 d) Indemnity = Loss of GP during delay / Delay +Time Excess * Delay

 

Q2.Which Act states that no legal suit or proceedings against the common carrier can start if a written notice about the loss or damage to the consignment is given to the common carrier is not given within 180 days from the date of booking of the Consignment?
 

 a) Section 16

 

 b) Section 18

 

 c) Section 20

 

 d) Section 22

 

Q3.As per Section 64UM (2) of the Insurance ACT 1938, no claim for a loss that has occurred in India exceeding ____ can be settled by an insurer unless he has obtained a report of the loss from a licensed surveyor or loss assessor.
 

 a) Rs.5,000

 

 b) Rs.10,000

 

 c) Rs.15,000

 

 d) Rs.20,000

 

Q4.Which Act allows the common carrier to charge higher freight as compared to his normal rate of freight for shipment of any high vale cargo?
 

 a) Section 11

 

 b) Section 15

 

 c) Section 19

 

 d) Section 24

 

Q5.___ from many individuals across departments in an organization will be necessary for the successful implementation of any risk management exercise.
 

 a) Communication

 

 b) Co-operation

 

 c) Commitment

 

 d) Common-sense

 

Q6.Notice of abandonment is a prerequisite condition in case of
 

 a) Actual Total Los

 

 b) Contstructive Total Loss

 

 c) Partial Loss

 

 d) None of the above

 

Q7.Which among the following refers to bulk cargo?
 

 a) Cargo packaged in containers

 

 b) Cargo in huge quantities carried in ‘unpackaged form’ in the hold/tanks of the vessels.

 

 c) Cargo transported by rail

 

 d) Cargo transported by air

 

Q8.A Ship Repairers Liability Insurance (SRL) protect the ship repairer:
 

 a) Against legal liability arising out of contracts

 

 b) Arising out of negligent act or omission

 

 c) Whilst carrying out repairs/refurbishment to vessels

 

 d) All of the above

 

Q9.In Marine Open cover which of the following is incorrect.
 

 a) It Provides automatic and continuous insurance protection to exporter/ importer.

 

 b) It is an unstamped document.

 

 c) Under open cover premium is payable on each declaration

 

 d) Total sum insured is mentioned at the time of acceptance.

 

Q10.Which of the following statement about a Particular Average is incorrect?
 

a) Particular Average is a partial loss

 

 b) Particular Average is a Voluntary loss

 

 c) Under Particular Average it is essential that the loss or damage must have been accidental and fortuitously caused by an insured peril.

 

 d) Particular Average can take the form of loss of part of the cargo or cargo arriving in damaged condition at the destination

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