Marine Insurance Questions for Para 13.2 Promotion exam. Answer given in bold italic form.
“Marine Cargo & Hull – I”
Q1. In a marine cargo policy, the insurable interest should exist
a) at the time of commencement of transit
b) at the time of acceptance of proposal
c) at the time of claim
d) at the time of proposal
Q2. Which one of the following marine cargo policy is not assignable
a) marine cargo specific policy
b) certificate issued under open cover
c) certificate issued made open policy
d) annual policy
Q3. CIF Contract means
a) co-insurance form
b) cost input freight
c) cost insurance freight
d) cost incidental freight
Q4. The maximum indemnity available under a marine open policy in respect of a consignment awaiting shipment at the port is
a) Total sum insured under open policy
b) Limit per bottom
c) Total value of particular declaration
d) Limit per location
Q5. Which of the following is not a stamped document
a) open cover
b) open policy
c) specific policy
d) special declaration policy
Q6. Running down clause in a marine policy relates to
a) Age of the vessel
b) Collision
c) Termination of insurance
d) Age of the consignment
Q7. Liability under “Both to blame collision” clause of ICC (A) has a reference to
a) Shipping Bills
b) Lloyd’s firm
c) Proforma Invoice
d) Bill of lading
Q8. Which one of the following is an extra charge under a marine cargo policy
a) Reconditioning cost incurred at an intermediary port
b) Salvage charges
c) Sue and labour charges
d) Port charges
Q9. Which one of the following differentiates the salvage charge from the sue and labour charge
a) cost of food expenses for crew members
b) independent of any contract
c) cost incurred short of destination to complete the voyage
d) Expenses for extra fodder for —- needs on board
Q10. Which of the following is not Trade Clauses
a) Institute Replacement Clause
b) Institute Bulk Oil Clauses
c) Institute natural rubber Clause
d) Institute Coal Clauses
Q11. Overseas Transit Policy comes to an end
a) 30 days after landing at the port
b) 45 days after landing at the port
c) 60 days after landing at the port
d) 90 days after landing at the port
Q12. The Institute clauses have been drafted by
a) TAC
b) Institute of London Underwriters
c) Lloyd’s
d) GIC
Q13. In marine insurance parlance, ‘average means
a) Premium
b) Cost
c) Freight
d) Loss
Q14. “Shut out Cargo” means a cargo which is
a) Not loaded on to the ship due to late arrival
b) Thrown out of the ship
c) Shut in the bounded warehouse
d) Rejected by the buyer
Q15. PPI in marine cargo policy means
a) Pre & Post Inspections
b) Policy Proof of Interest
c) Cost parcel Identification
d) None of the above
Q16. Subrogation in marine insurance refers to transfer of
a) Right of recovery
b) Right of possession
c) Right of ownership
d) None of the above
Q17. In overseas Transit claim the proof of shipment is
a) Bill of lading
b) Bill of Exchange
c) Bill of Treasury
d) None of the above
Q18. Marine Policy offers
a) Pure indemnity
b) Strict Indemnity
c) Adequate indemnity
d) Modified form of indemnity
Q19. In marine policy when recovery rights are prejudiced the claim is payable maximum to the extent of
a) 100%
b) 75%
c) 50%
d) 25%
Q20. Survey fees reimbursable to the insured in a marine policy to the extent of
a) 25%
b) 50%
c) 75%
d) 100%
Q21. Find odd one out
a) Flag of convenience
b) Polish Register of shipping
c) Lloyd’s Register
d) Bureau veritas
Q22. In which of the following the loss assessed is not ratably reduced in the proportion of sum insured bears to the value at risk
a) Particular average
b) Partial Loss
c) Total Loss
d) Sue and Labour Charges
Q23. Which one of the following is an exclusion under ¾ th collision clause of ITC-Hulls
a) Loss of life in other vessel
b) Loss of life in insured vessel
c) Loss of property of other vessel
d) Both a & b above
Q24. In marine hull policy the subject matter for insurance is
a) Hull & Machinery
b) Freight and Disbursement
c) Premium reducing
d) All the above
Q25. ¼ Collision liability is covered by
a) P&I club
b) Hull Underwriters
c) Lloyd’s
d) Reinsurance
