Que. 1 : Q1) Given below are the ways in which Actual Total Loss arise. Identify the odd one out.
1. a) When the subject matter is destroyed
2. b) Where subject matter is so damaged to cases to be a thing of the kind insured
3. c) Where the assured is irretrievably deprived of the subject matter
4. d) When the assured is deprived of the subject matter insured, it is unlikely that they can recover it or cost of recover would exceed its value in restored condition.
Que. 2 : Q2) What means a person engaged in the business of collecting, storing, forwarding or distributing goods to be carried by goods carriages under a goods receipt or transporting for hire of goods from place to place by motorized transport on road?
1. a) Material damage
2. b) Common Carrier
3. c) Pure salvage
4. d) Contract salvage
Que. 3 : Q3) General Average a rises when property involved in common Maritime adventure
1. a) The cost of vessel removal from one port to another
2. b) Temporary repair of accidental damage effected during the course of voyage
3. c) Cargo is discharged and or jettisoned to save the ship
4. d) None
Que. 4 : Q4) Who need to be independent of any relationship more specifically financially with the principal?
1. a) Principal
2. b) Agent
3. c) Commissioner
4. d) Cargo Surveyor
Que. 5 : Q5) For which of the following term of sale, the buyer/importer normally arranges the cargo insurance cover for the overseas transit
1. a) CIF basis
2. b) FOB basis
3. c) Both the above
4. d) None of the above