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, 2^nd Shift

Note: Most of the questions were find True / False Statement

Chapter – 01

Chapter – 02

Chapter – 3

** So, almost half of the paper was covered from CH – 1 to 3. Pls read these thoroughly.

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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