Marine Insurance

Marine Insurance

University

10 Qs

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Marine Insurance

Marine Insurance

Assessment

Quiz

Other

University

Medium

Created by

Varada Balachandran

Used 6+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A policy which describes the insurance in general terms and leaves the name of the ship and other particulars to be defined by subsequent declarations is called---------?

Time policy

Voyage Policy

Unvalued Policy

Floating Policy

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the effect of change of voyage i.e., when the destination is voluntarily changed from that which is contemplated in the policy?

No effect- Insurer continues to be liable.

Insurer is discharged from liability

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If the course of voyage mentioned in the policy or the usual customary course (in case the course is not specifically mentioned in the policy) is departed from, it is called -------

Deviation

Change of voyage

Delay

None of the above.

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the effect of a deviation?

Discharges the liability of the insurer.

It does not have any effect, as it is common practice to deviate from the course agreed upon.

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A ship was supposed to undertake the course from A to B to C as per the policy. But before reaching B, due to uncontrollable weather conditions, the ship gets blown off track and eventually has to dock at D instead of B. After it sets off to C from D, it suffers damages which are covered for under the policy. Can the insurer avoid the policy on account of deviation?

Yes. The ship did not follow the course agreed upon in the policy. Hence the insurer is not liable.

Yes. The course taken was not the usual and customary course. Hence the insurer is not liable.

No. The insurer cannot avoid the policy because the deviation was caused by circumstances beyond the control of the master or his employer.

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is meant by foundering at sea?

The ship is missing and no news is received even after reasonable period of time.

The ship strikes against a rock and suffers damages.

The ship gets blown off track and gets stuck in shallow regions of sand.

The ship collides with another ship and suffers damages.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following will not be covered by a marine policy while settling claims?

Damages suffered on account of collision

Losses due to shipwreck

loss caused by pirates and thieves

loss caused by rats or vermin

Answer explanation

Loss caused by rats or vermin, ordinary wear and tear, leakage and breakage, inherent vice or nature of the subject matter, injury caused to machinery not proximately caused by maritime perils etc. are not regarded as perils for which the insurer is liable.

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