Question
81
What does section 65 of the MIA 1906 explain about salvage?
What does section 65 of the MIA 1906 explain about salvage?
Options
a
Common law salvage under the insurance policy
Common law salvage under the insurance policy
b
Contractual salvage requires a separate agreement
Contractual salvage requires a separate agreement
c
Salvage of the ship by a third party
Salvage of the ship by a third party
d
Waiver of the insurer's subrogation rights
Waiver of the insurer's subrogation rights
Grade
Ungraded
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Question
82
What is meant by General Average in marine insurance?
What is meant by General Average in marine insurance?
Options
a
The sacrifice of part of the vessel for the common safety
The sacrifice of part of the ship for the common benefit
b
Damage to the ship's cargo
Damage to the ship's cargo
c
The sacrifice of the whole vessel
The sacrifice of the entire ship
d
The insurer's liability for all losses
The insurer's liability for all losses
Grade
Ungraded
Last Update
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Question
83
What does the sue and labour clause in a marine insurance policy allow?
What does the sue and labour clause in a marine insurance policy allow?
Options
a
The insured to incur expenses to preserve the insured property
The insured to incur expenses to preserve the insured property
b
The insurer to cancel the policy at any time
The insurer to cancel the policy at any time
c
The insured to ignore claims
The insured to disregard claims
d
The insurer to reduce the premium
The insurer to reduce the premium
Grade
Ungraded
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Question
84
How is total loss divided in marine insurance?
How is total loss divided in marine insurance?
Options
a
Actual total loss and constructive total loss
Actual total loss and constructive total loss
b
Total loss and partial loss
Total loss and partial loss
c
Full total loss and partial total loss
Full total loss and partial total loss
d
Major loss and minor loss
Major loss and minor loss
Grade
Ungraded
Last Update
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Question
85
What is required in the case of constructive total loss?
What is required in the case of constructive total loss?
Options
a
The insured must abandon the subject matter
The insured must abandon the subject matter
b
The insurer must pay an additional premium
The insurer must pay an additional premium
c
The insured must repair the damage
The insured must repair the damage
d
The insurer must indemnify the whole loss
The insurer must indemnify the whole loss
Grade
Ungraded
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Question
86
What is meant by "open cover" in cargo insurance?
What is meant by "open cover" in cargo insurance?
Options
a
A pre-negotiated contract under which shipments are declared under the policy as required
A pre-negotiated contract under which shipments are declared under the policy as required
b
An insurance policy issued for each individual shipment
An insurance policy issued for each individual shipment
c
An insurance policy covering only part of the shipment
An insurance policy covering only part of the shipment
d
A contract made after the shipment has taken place
A contract made after the shipment has occurred
Grade
Ungraded
Last Update
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Question
87
What is the main purpose of cargo insurance?
What is the main purpose of cargo insurance?
Options
a
To provide indemnity for loss of or damage to goods during transit
To provide indemnity for loss of or damage to goods during shipment
b
To provide legal protection to the ship's crew
To provide legal protection to the ship's crew
c
To provide a discount on insurance premiums
To provide a premium discount
d
To reduce ship operating costs
To reduce the ship's operating costs
Grade
Ungraded
Last Update
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Question
88
What is the main difference between ICC (A), ICC (B), and ICC (C)?
What is the main difference between ICC (A), ICC (B), and ICC (C)?
Options
a
The extent of risks covered
The extent of risks covered
b
The type of ship insured
The type of ship insured
c
The period of cover
The duration of cover
d
The type of goods insured
The type of goods insured
Grade
Ungraded
Last Update
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Question
89
What is meant by "warehouse to warehouse" or "rack to rack" cover?
What is meant by "warehouse to warehouse" or "rack to rack" cover?
Options
a
Cover from the place of origin to the destination
Cover from the place of origin to the place of destination
b
Cover only while the goods are in the warehouse
Cover only while the goods are in the warehouse
c
Cover only while the goods are on board the ship
Cover only while the goods are on board the ship
d
Cover while the goods are stored on a rack in a shop
Cover while the goods are stored on shelves in a shop
Grade
Ungraded
Last Update
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Question
90
What is usually excluded from ICC B and C clauses?
What is usually excluded from ICC B and C clauses?
Options
a
Theft
Theft
b
Fire
Fire
c
Explosion
Explosion
d
Piracy
Piracy
Grade
Ungraded
Last Update
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