Que. 1 : Q1) Which among the following statement is not true with regards to “War and Strikes Risk Insurance” scheme?
1. a) The scheme was introduced in the year 1976, by the Government of India
2. b) The scheme applies to mechanized sailing vessels
3. c) The scheme is applicable to all ships registered under part V of the Marine Insurance Act, 1963
4. d) The scheme is on a voluntary basis and the choice of participating in the scheme is left to individual ship-owners.
Que. 2 : Q2) Which occurs when a Vessel is destroyed or is so seriously damaged as to cease to be a ship, or when the ship-owner is irretrievably deprived of her,for example, she may sink in very deep water and cannot be salved?
1. a) General Average
2. b) Salvage charges
3. c) Partial Loss
4. d) Actual Total Loss
Que. 3 : Q3) Identify incorrect statement
1. a) All marine policies are valued policies
2. b) Special declaration policies are valued policies
3. c) Duty insurance policy in marine is a valued policy
4. d) None of the above
Que. 4 : Q4) Which deals mainly with hull claims and general average cases, although they may handle more complicated cargo claims by arrangement with the insurers?
1. a) Substituted expenses
2. b) Average Adjusters
3. c) Salvage Remuneration
4. d) None of these
Que. 5 : Q5) After appraisal, a few more wells, if required are drilled to maximise production from the reservoir. Such wells are called________.
1. a) Producing Wells
2. b) Exploratory Wells
3. c) Development Wells
4. d) Appraisal Wells