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|
|05||Customs Laws care related Question (2-3)||Pg-4|
|06||L/C stands for||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|
|20||Advance freight (case study question)||Pg-29|
|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|
|28||Liners (02 Ques)||Pg-45|
|30||Last Para Initial 2 Lines||Pg-45|
|31||Age of tanker||Pg-46|
|32||Advantage of F.O.C||Pg-46|
|34||Land transit by rail or road||Pg-47|
|35||Customary ullage means||Pg-49|
|36||Packing – 02 Ques||Pg-51-52|
|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|
|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|
|52||ICC Latest Revised Clauses – (3-4 Ques on ICC)||Pg-79|
|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|
|62||GA/Salvage/Sue & Labour (2-3 Ques)||Pg-157|
|65||Inland Vessels Means -?||Pg-187|
|70||Sue & Labour|
|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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