Marine Insurance

Question 1

Marine Insurance was introduced through REA in what year?

Answer 1

1923

Question 2

Captive insurance started in Nigeria in?

Answer 2

1930

Question 3

UAC established an agency in Nothern assurance in

Answer 3

1930

Question 4

UAC is now know as?

Answer 4

UNIC

Question 5

UNIC opened a branch in Kano in what year?

Answer 5

1953

Question 6

The Lombards are the people of?

Answer 6

Italy

Question 7

Under what condition would Bottomry and Repondentia payments not be made

Answer 7

If ship is lost to Maritime Perils

Question 8

How is Insurance different from Bottomry & Respondential

Answer 8

1) does not remove uncertainty of loss
2) premium/ interest plus principal is payable to lender

Question 9

Lombards introduced Marine insurance to UK in what century?

Answer 9

14th

Question 10

The marine act of 1906 explains that?

Answer 10

That a marine contract is not valid until it is included/expressed/embodied in a policy

Question 11

In 1601, what was established to settle disputes on marine policies issues

Answer 11

The court of Arbitration

Question 12

Each syndicate or group of individuals is represented by an underwriter who has a _______ or ______ in the room.

Room as used above means the?

Answer 12

Seat or box
Marketplace

Question 13

The committee of Lloyd’s was incorporated at Cornhill as? In what year?

Answer 13

The Society Of Lloyd’s
1774

Question 14

Underwriters in the Room are known as?

Answer 14

Leaders

Question 15

Underwriters in the Room are known as?

Answer 15

Leaders

Question 16

A Lloyd Broker is an agent to the proposer.
Who is the proposer?

Answer 16

The potential policyholder

Question 17

Hull insurance is transacted on the basis of what policy?

Answer 17

Time policy

Question 18

What is hull insurance?

Answer 18

Provides coverage to the ship against losses

Question 19

What are the types of losses?

Answer 19

Total and partial

Question 20

What is Actual Total Loss?

Answer 20

When subject matter is destroyed beyond retrieval or repair

Question 21

Constructive Total Loss

Answer 21

When the cost of repair exceeds the value of property

Question 22

What is an Extension of hull insurance?

Answer 22

Running Down Clause

Question 23

Running down clause is also known as?

Answer 23

3/4 collision liability clause or Collision clause

Question 24

What is RDC?

Answer 24

The the event of collision, the insurer is liable to pay 3/4 of such damages, the remaining 1/4 is recovered from a self insurance fund known as The Club or The Protection and Indemnity club “

Question 25

Exclusions of Hull insurance?

Answer 25

Bodily injury or Death, to third party

Question 26

When goods are subject to regular import and export transactions, what policy is convenient?

Question 27

The transfer of an insurance policy to another person js made possible by?

Answer 27

Assignment

Question 28

What are the 6 policy variations?

Answer 28

Time Voyage Mixed Floating Open Building risk policy

Question 29

The great fire of London destroyed how many homes?

Answer 29

70000

Question 30

The great fire of London was from when to when?

Answer 30

Sept 2 1666 to September 6 1666

Question 31

The Great fire of London exposed the inadequacy of what early development feature?

Answer 31

Private Early Brigades

Question 32

Mixed policy is the combination of what and what policies?

Answer 32

Time and Voyage

Question 33

Voyage Policy meaning

Answer 33

Covers risk from the point of departure to the point of destination

Question 34

Under what condition is Voyage policy terminated?

Answer 34

60 days after unloading at the port of destination

Question 35

Time policy covers?

Answer 35

Covers the risks for a predetermined period of time Usually 12 months

Question 36

Floating policy?

Answer 36

The policy is purchased for a large sum and it decreases until it is fully exhausted

Question 37

Another name for open policy is?

Answer 37

Unvalued policy

Question 38

A policy in which an agreement is made between the marine insurer and proposer, where a separate policy is issued for each shipment

Answer 38

Open Policy

Question 39

Building policy covers?

Answer 39

Risk of the construction or a ship from the time of commencement to the end

Question 40

Fire marks were used to indicate?

Answer 40

Buildings that were insured