SUPER_30_GK_QUESTIONS_ON_MARINE_INSURANCE

Super 30 GK Questions on Marine Insurance

by

Q-20- What is meaning of ‘AWB’ in Marine policy?

  1. All Water bills
  2. Airway Bill number
  3. Alltogether with Bills
  4. None of above

Option-2 AWB refers to ‘airway bill’ number use in case of Air journey, which is a madatory document for claim and also in case oof issuance of any Marine certificate for an upcoming journey.

Q-21- ‘Running down clause’ in a Marine policy relates to________.

  1. Average running of vessel
  2. Termination of Insurance
  3. Age of the consignment
  4. Collision

Option-4 Running Down or 3/4th collission liability clause is used in case of Collission of Insured vessels collids with other vessel.

Q-22- Green Book and Red Book relates to________ .

  1. Surveyors for loss settlment under marine policy
  2. brokers of marine policy
  3. vessel shipping details
  4. none of above

Option-3 Green and Red Book was used till 1834.after that a joint form Lloyd’s Register of British and Foreign Shipping was used, which was later known as LLyod’s Register of Shipping in 1914.

Q-23- Blue Book is published by ___________ .

  1. The International Association of Classification Societies(IACS)
  2. International Chamber of Commerce(ICC)
  3. Insurance Companies for Marine policy underwriting
  4. Surveyors/Loss assessors having all statistics of Marine claims

Option-1 The Blue Book, published yearly is an electronic library of technical resolutions adopted by The International Association of Classification Societies(IACS).

Q-24-‘Shut out Cargo’ means a cargo which is

  1. brought at port but not loaded on to the ship
  2. Lying at custom bonded warehouse at port
  3. Lying in open at port without Insurance
  4. Thrown out of the ship

Option-1 Shut out Cargo means any cargo brought into the port for shipment but not shipped by the designated vessel and is lying in the port premises.

Q-25- Marine Open policy and single marine Policy are same?

  1. Open marine is without time bound policy
  2. Single marine is taken once in a year
  3. Both are same by different name
  4. No, both are different policies

Option-4 Both are different policies by arrangement. Under Single marine a single marine transit can cover, whereas in Open Marine a number of journeys can cover upto sum assured.

Q-26- Marine Open policy and Open cover are same?

  1. Open policy is taken by seller
  2. No, both are different
  3. Yes, both are same
  4. can not say

Option-2 Both are different Insurance arrangements, and are taken as per the requirement to cover Marine transits.

Q-27- What is ‘Subrogation’ under Marine Insurance?

  1. Right of possession
  2. Right of ownership
  3. Right of recovery
  4. None of the above

Option-3 Letter of Subrogation is a legal document (supplied by insurers) which transfers the rights of the claimant against a third party to the insurers.

Q-28- Institute cargo clauses issued by___________

  1. The International Association of Classification Societies(IACS)
  2. The International Underwriting Association of London (IUA)
  3. Institute of Surveyors and Losss assessors (ISLA)
  4. Institute of London Underwriters (ILU)

Option-4 Issued by the Institute of London Underwriters(ILU) in the early 1980s.Each clause has a wording agreed by a committee of insurance companies and Lloyd’s underwriters.

Q-29– A document authorized by the buyer for the seller to draw on buyer’s bank, the amount stated on completion of conditions as stated in letter of credit:

  1. Marine Cargo Insurance Policy
  2. Bill of exchange
  3. Export Invoice
  4. Bill of Lading

Option-2 Bill of Exchange

Q-30- Ordinary Leakage as per ICC means :

  1. Evaporation of Liquids in atmosphere
  2. Leakage from accident Tin
  3. Leakage from defective Tin
  4. None of the above

Option-1 as per ICC ordinary leakage is evaporation of liquid under normal atmospheric conditions

Pages: 1 2 3

Know more about General Insurance with Avendra Singh

Visit now!
X