Commercial InLand And Ocean Marine

Question 1

In inland marine policy created by a bureau such as ISO is called:

Answer 1

Controlled

Question 2

A marine vessel owner may ensure against the loss of income due to failure to deliver cargo with:

Answer 2

Freight coverage

Question 3

Ocean cargo coverage that covers goods of a certain class up to certain limits with valleys to be declared subsequently with no termination date is called:

Answer 3

Open

Question 4

The running down clause would cover which of the following damages:

Answer 4

Negligent damage to another ship.

Question 5

A deductible under which there is no payment for loss until a certain amount of loss is reached, then the loss is paid in full, is called:

Answer 5

Franchise

Question 6

The ocean marine clause that pays the cost to save goods from loss, or minimize loss is called:

Answer 6

Sue and labor

Question 7

Throwing part of ship or cargo overboard is called:

Answer 7

Jettison

Question 8

A standard provision for which has been published and filed for uniform used by the bureau is called:

Answer 8

Controlled

Question 9

And ocean marine policy has a franchise deductible with the 5% limit. If cargo is insured for $100,000 and suffers a $2500 loss the carrier would:

Answer 9

Pay nothing

Question 10

A particular average is:

Answer 10

A partial loss

Question 11

Fried by the crew and master with the intention of receiving gain at the owners expense is called:

Answer 11

Barratry

Question 12

Vessel is $1 million. Value of cargo is $1 million. To save shit and cargo captain was jealous and $50,000 of debt cargo. This saves the venture. The vessels carrier will pay:

Answer 12

$25,000

Question 13

Voluntary sacrifice which successfully saved the ship and is born proportionally by all interest engaged in the venture is called:

Answer 13

General average

Question 14

And inland marine policy created by one company for its customers is called:

Answer 14

Uncontrolled

Question 15

Protection and indemnity insurance covers all of the following situations:

Answer 15

Ship unreliable to passengers of another ship his has collided with, shit on her liable to passengers of his own ship her in a collision, shipowner liable for damage to car go on his trip due to a collision.

Question 16

What are the coverages of liability found in Ocean marine?

Answer 16

Running down clause, protection and indemnity

Question 17

What inland marine coverage form would use to cover a tractor dealer?

Answer 17

Equipment dealers coverage form

Question 18

Is motor truck cargo a form of controlled inland marine insurance?

Answer 18

No. Accounts Receivable, commercial articles, and jewelers block are all forms of controlled inland marine insurance

Question 19

An example of instrumentality of transportation under inland marine would be which?

Answer 19

Bridge

Question 20

All or controlled inland marine forms except: accounts receivable, camera dealers, floorplan, motor truck cargo

Answer 20

Motor truck cargo

Question 21

How are deductibles expressed an aircraft hull policies

Answer 21

Percentage of value

Question 22

The general function of inland marine insurance is to cover:

Answer 22

Risk of transporting property, any property movable by its nature, instrumentalities of transportation and communication