IC-67| Marine Insurance | Memory based questions
iii exam is held fourth time every year – Once in March, May, September and in November. Marine Insurance (IC-67) exam We provide Recollected Questions (Memory based Questions) . In these papers, maximum questions are repeated in every exam. So, Ambitious baba is providing you with IC 67 recollected Question Marine Insurance (IC-67) . These Memory based Question Marine Insurance (IC-67) will be very useful in upcoming Exam.
IC-67 Recollected Questions on 19 December 2020, 2nd Shift
Note: Most of the questions were find True / False Statement
Chapter – 01
Q. No | Questions | Page No |
01 | How the Chinese used to distribute their risk | Pg-3 |
02 | What did Hammurabi’s code provided? | Pg-3 |
03 | Bottomry =? | Pg-3 |
04 | General Average | Pg-3 |
05 | Customs Laws care related Question (2-3) | Pg-4 |
06 | L/C stands for | Pg-4 |
07 | L/C Definition | Pg-4 |
08 | Stamp Act date/year – 1899 | Pg-8 |
09 | How many type of warranties (02 Ques.) | Pg-9 |
10 | Group of underwriting members- Syndicates | Pg-11 |
11 | Remuneration of Lloyd’s agents | Pg-13 |
12 | Primary duty of Lloyd’s agents | Pg-13 |
13 | Settlement abroad by Lloyd’s agents | Pg-13 |
14 | IUA/IUMI (one Ques) | Pg-13 |
Chapter – 02
15 | 2-3 Questions on Articles (don’t remember exact question) | |
16 | Warranties – 2-3 Questions | Pg-25 |
17 | Case – Study – As per practice in India when to take Cargo Insurance | Pg-27 |
18 | Defeasible Interest | Pg-28 |
19 | Contingent Interest | Pg-28 |
20 | Advance freight (case study question) | Pg-29 |
21 | Policy assignment | Pg-30 |
22 | What do you mean by seutted | Pg-34 |
23 | SEQ – 1 | Pg-37 |
Chapter – 3
24 | Proposal may be in the form of | Pg-42 |
25 | Proposal form contains info on ___________ | Pg-43 |
26 | TY – 1 | Pg-44 |
27 | Underwriting factors | Pg-4 |
28 | Liners (02 Ques) | Pg-45 |
29 | Tramps | Pg-45 |
30 | Last Para Initial 2 Lines | Pg-45 |
31 | Age of tanker | Pg-46 |
32 | Advantage of F.O.C | Pg-46 |
33 | Adverse features | Pg-47 |
34 | Land transit by rail or road | Pg-47 |
35 | Customary ullage means | Pg-49 |
36 | Packing – 02 Ques | Pg-51-52 |
37 | Unitising | Pg-53 |
38 | Palletising | Pg-53 |
39 | Pallets – Definition | Pg-53 |
40 | Container – LCL, FCL | Pg-54 |
41 | Container – one more Que | Pg-54 |
42 | No. of Major Ports in India | |
43 | Moral Hazard – Policy Cancellation | Pg-60 |
44 | TY – 2 | Pg-61 |
45 | FOB Cover | Pg-62 |
46 | CIF Cover | Pg-62 |
47 | Declaration form contains (02 Ques) | Pg-64 |
48 | Cover Note (02) | Pg-64 |
49 | Stamp Duty recoverable from – Assured | Pg-66 |
** So, almost half of the paper was covered from CH – 1 to 3. Pls read these thoroughly.
50 | Contra proferentem means | Pg-76 |
51 | Stamp Duty | Pg-77 |
52 | ICC Latest Revised Clauses – (3-4 Ques on ICC) | Pg-79 |
53 | Concealed Damage | Pg-93 |
54 | Picking – 02 Ques | |
54 | Garbling – 01Ques | |
55 | SEQ _ 1 (not exactly same) | Pg-99 |
56 | Rec Crop & Hail Insurance (02 Ques) | Pg-110-11-12 |
57 | Pg-113 to 120 (02-03) Questions | |
58 | Rubber policy starts from | |
59 | Open cover/policy – 2-3 Ques | |
60 | SSRI | 137 |
61 | RO-RO Ships | Pg-152 |
62 | GA/Salvage/Sue & Labour (2-3 Ques) | Pg-157 |
63 | GT | Pg-177 |
64 | Ex-TL | Pg-181 |
65 | Inland Vessels Means -? | Pg-187 |
66 | PA/GA | Pg-196 |
67 | ATL/CTL | Pg-196 |
68 | Particular Charges | Pg-204 |
69 | Extra Charges | Pg-205 |
70 | Sue & Labour | |
71 | COGSA | Pg-229 |
72 | MTO Limits of Liability (No sea involved) | Pg-238 |
73 | SE – 2 | Pg-244 |
74 | Cargo Loss Control – 2-3 Ques | Pg-264-65 |
75 | Reinsurance – 02 Ques | Pg-270-79 |
IC 67 (Marine Insurance) Memory based Questions
- Difference between Tramp and liner.
- What is stop loss cover
- Difference between facultative and treaty Reinsurance
- One case study was given and we had to identify which method was used for payment.
- An importer makes the payment for the items to be imported in advance prior to the shipment of Goods, it is Cash in Advance (Pre payment)
- What is letter of credit? An undertaking by the *buyer’s bank*to pay his seller a certain sum of money upon presentation of certain documents.
- Bottmry loans were raised to generate finance to prosecute the voyage by *mortgaging the ship.* The warranty of seaworthiness was relaxed under 1982 Institute Cargo Clauses and further *relaxed under 2009 Institute Cargo Clauses*
- Case study on Contribution (double insurance). Any insurer who has paid more than his proportionate share, is entitled to enforce rateable contribution from *other insurers.*
- The contract of Marine Insurance is based on *7* fundamental principles
- Expenses caused by strikes, locked out workmen or persons taking part in *labour* disturbances, riots or civil commotion is an exclusion in Institute Strikes Clause.
- *Ordinary leakage*is an exclusion in ICC A, B and C
- The basis of settlement of claims in Package policy for coffee is *Market Value of Coffee Insured less unincurred expenses*
- Basis of valuation in the case of package policy for rubber estates in *Invoice value plus 10%* Case study on insurance of cargo sold on FOB and Ex-Works terms of sale.
- Case study on CIF- Goods were completely damaged in transit and rejected by the buyer, insurable interest reverts to the *seller*who can claim in his own name under the policy. Remember the age of different vessels in page 46.
- Notice of damage or loss in road carriers to be given within *6 months* from the date of knowledge of loss
- Liability of carrier for loss or damage to cargo is limited to 666.67 SDR
- Questions on harmful goods. Under COGSA- If dangerous cargo is shipped with the knowledge and consent of the carrier and they become a danger to the ship or cargo they may, in like manner be landed at any place or destroyed or rendered *innocuous*
- Questions on Multi modal transportation of goods
- Hull insurance is governed under Institute Hull Clauses *1.10.83*
- *Written word* precedes over typed words.
- Case study to distinguish between CTL and Actual total loss
- Meaning of Particular Charges
- 2-3 Numerical questions on slip rate from chapter 8 were asked. Study the example in page 182 thoroughly
- 2-3 questions on Bulk Oil Clauses
- Few questions on Institute fishing vessels Clauses
- Questions on features of Open Cover.
- In case of inland transits the containers are treated like cargo and they are insured under *Inland Transit Clauses* (ITC)
- Courier service is a new coverage
- *Excess of loss treaty* is basically a form of Reinsurance whereby the direct insurer sets a monetary limit to the amount he is prepared to bear of any one loss as a result of any one event on the class or classes of business concerned.
- In quota share treaty a fixed proportion of every risk in a given class of business is ceded.
- If the physical hazard reveals adverse features the insurer may insist on what all things. Read it thoroughly in page 183.
- 2-3 questions were asked on various sections.
- A Marine Cargo Policy should be stamped as per *Indian Stamp Act, 1899.*
- For transit purely by rail, road or air stamp duty is *25 paise* when the sum insured is *₹5000/-* or less. And 50 paise when the sum insured is over ₹5000/-.
- Question on who all have interest in cargo on deck. (I don’t remember the question properly) Institute Time Clauses 2. ICC A, B, C (exclusions)
- Many questions from 11th chapter.
- Institute War clauses (Cargo).
- Letter of credit
- Institute strike clauses
- Dates of different acts and clauses are important.
- Classification/ Types of ship
- Hull insurance came a lot
- Calculation of premium based on Marine insurance.
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