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Dear Friends here we are posting Marine Insurance IC 67

Chapter 1 MCQ questions pdf. This pdf will be helpful for
the Insurance Promotional Exam and III Exam.

IC 67 Marine Insurance
Chapter 1
1. In CIF contract, the ________ undertakes to arrange for
insurance up to an agreed place.
a) Seller
b) Buyer
c) Insurer
d) Third Party
2. Under which act customs duty is leviable on import of
certain items?
a) Insurance Act 1938
b) Motor Vehicle act 1939
c) Custom Act 1963
d) Custom Act 1962

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3. In Letter of Credit transactions, what is taken as
collateral security by banks?
a) Letter of
Credit
b) Insurance
Policy
c) Goods
d) Vessels used
for
transportation

4. ___________ loans were raised to generate finance to

prosecute the voyage by mortgaging the ship.
a) Respondentia
b) Bank
c) Bottmry
d) None Of the above.
5. ‘Respondentia’ loans were raised on
a) security of the ship
b)security of the cargo
c) Insurance policy
d) None of the above
6. yogakshema” meaning
a) risk
b) safety
c) premium
d) both a and b

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7. How many P & I Clubs in India?
a) 5
b) 7
c) 9
d) none
8. Arbitrators do not operate in marine market?
a) True
b) False
10. Till_____________ Indian market was governed by All
India Marine Cargo Tariff ( AIMCT).
a) 31st March 1994
b) 1st April 1994
c) 31st March 2004
d) 1st April 2004

11. There are two implied warranties under the Marine

Insurance Act
a) Navigation and seaworthiness
b)seaworthiness and legality of object
c) legality of object and Navigation
d) Navigation and Towing warranty

12. Insurable interest is required to be present only at the

a) Time of Policy
b) Time of discharge
c) Time of transit
d) Time of loss
13. Which of the following Acts codifies the law relating to
marine insurance?

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a) Insurance Act
1938
b) IRDA Act, 1999
c) Institute Cargo
claus1982
d) Marine
Insurance
Act1963

14. The reinsurance programme of the industry is drawn

up with the basic objective
a) Profit Maximization
b) Overseas business
c) retaining within the country
d) reduce the claim ratio
15. The Council has ____ members
a) 20
b) 25
c) 27
d) 28

16. The underwriting members, through their

underwriting agents, form groups called?
a) Insurer
b) Lloyd Agent
c) Syndicates
d) Brokers
17. Lloyd’s Standard Form of Salvage Agreement also
called as

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a) Lloyd’s Open Form
b) Lloyd’s Average Bond
c) Lloyd’s Proposal Form
d) None of the above
18. The primary duty of the Lloyd’s Agent is to keep
Lloyd’s informed of-
a) Collect Premium
b) Policy Inception date
c) shipping movements
d) None of the above

19. International Underwriting Association of London

(IUA)
20. IUMI Means?
a) International Union of Marine Insurance
b) Indian Union of Marine Insurance
21. IMB
a) International Marine Bureau
b) International Mission Board
c) International Maritime Bureau
d) None of the above
22. TAC means?
a) Tariff Advisory Committee
b) Tariff Advisory Council
c) Tariff Advisory Commission
d) None of the above

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23. Which of the following is the world’s largest
representative organization for international and
wholesale insurance and reinsurance companies?
a) IUA
b) IUMI
c) IMB
d) GIC Re

24. Which of the following are incorrect with respect to

underwriting members of Lloyd’s ?
a) Underwriting members are elected by the Council
only after the most careful examination of their
financial position.
b) An average test has to be passed by each
underwriting member for election.
c) On election, underwriting members have to deposit
with the Council some security for underwriting
liabilities.
d) The securities deposited for underwriting liabilities
remain in the custody of the Council until the whole
of the member’s liabilities have been discharged.

25. _____________ is a forum to exchange experience,

information and statistical data on marine insurance
matters and to debate, in an objective and conducive way,
the challenges and opportunities facing marine insurers.
a) IUA
b)IUMI

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c) IMB
d) GIC Re

26. Which of the following organisations provides an

authentication service for trade finance documentation?
a) IUA
b) IUMI
c) IMB
d) GIC Re

27. Who among the following do not operate in the marine

insurance market?
a) Surveyors
b)Arbitrators
c) Loss
Assessors
d) Brokers

28. _____________ is a statutory body constituted under the

provisions of the Insurance Act, 1938, whose main
function has been to formulate tariffs, containing standard
terms and conditions for various products, falling under
different branches of insurance.
a) GIC Council
b)TAC
c) GIC Re
d) IUA

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