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Advanced Wealth Management Course (IIBF) - Paper 4

Part I: Ch 10: Marine Insurance

Q1.

Which clause covers the risks of physical loss and damage caused by Collision with or by the carrying vehicle?

Institute Cargo Clauses (A)

Institute Cargo Clauses (B)

Institute Cargo Clauses (C)

Inland Transit Clause ‘B’

Q2.

(I) Hull insurance concerns the insurance of the carrier of the goods. (II) In Cost, Insurance and Freight (C.I.F) arrangement, the seller is responsible for arranging the insurance.

Both the statements are correct

Only statement (I) is correct

Only statement (II) is correct

Both the statements are wrong

Q3.

The legal framework for carrying out cargo as well as hull insurance is provided by:

Marine Insurance Act, 1961

Marine Insurance Act, 1973

Marine Insurance Act, 1963

Marine Insurance Act, 1971

Q4.

Which clause is used to discharge of cargo at a port of distress?

Institute Cargo Clause (A)

Institute Cargo Clause (B)

Institute Cargo Clause (C)

Inland Transit Clause ‘B’

Q5.

Which clause covers the risks of Earthquake, volcanic eruption or lightening?

Institute Cargo Clause (A)

Institute Cargo Clause (B)

Institute Cargo Clause (C)

Inland Transit Clause ‘B’

Q6.

Which clause covers the risks of Country damage on payment of extra premium?

Institute Cargo Clause (B)

Institute Cargo Clause (C)

Institute Cargo Clause (A)

Rating & Underwriting for cargo insurance

Q7.

Which clause covers the loss or damage due to inadequate packing?

Inland Transit Clause ‘C’

Inland Transit Clause ‘B’

Institute Cargo Clause (B)

Institute Cargo Clause (A)

Q8.

Which clause covers risks of loss/damage caused by lightning?

Inland Transit Clause ‘B’

Institute Cargo Clause (C)

Institute Cargo Clause (B)

Inland Cargo Clause “C’

Q9.

Under Institute Cargo Clauses (Air), the period of cover after unloading the cargo from the aircraft at its destination is _______ days.

60 days

30 days

20 days

15 days

Q10.

Which clause covers the risk of overturning or derailment of land conveyance?

Institute Cargo Clause (C)

Institute Cargo Clause (B)

Inland Transit Clause ‘C’

Inland Transit Clause ‘B’

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