IC-67| Marine Insurance | Memory based questions

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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