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Insurance > Marine Insurance > Flashcards

Marine Insurance Flashcards

1
Q

Marine Insurance was introduced through REA in what year?

A

1923

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2
Q

Captive insurance started in Nigeria in?

A

1930

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3
Q

UAC established an agency in Nothern assurance in

A

1930

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4
Q

UAC is now know as?

A

UNIC

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5
Q

UNIC opened a branch in Kano in what year?

A

1953

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6
Q

The Lombards are the people of?

A

Italy

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7
Q

Under what condition would Bottomry and Repondentia payments not be made

A

If ship is lost to Maritime Perils

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8
Q

How is Insurance different from Bottomry & Respondential

A

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

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9
Q

Lombards introduced Marine insurance to UK in what century?

A

14th

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10
Q

The marine act of 1906 explains that?

A

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

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11
Q

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

A

The court of Arbitration

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12
Q

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

Room as used above means the?

A

Seat or box
Marketplace

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13
Q

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

A

The Society Of Lloyd’s
1774

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14
Q

Underwriters in the Room are known as?

A

Leaders

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15
Q

Underwriters in the Room are known as?

A

Leaders

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16
Q

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

A

The potential policyholder

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17
Q

Hull insurance is transacted on the basis of what policy?

A

Time policy

18
Q

What is hull insurance?

A

Provides coverage to the ship against losses

19
Q

What are the types of losses?

A

Total and partial

20
Q

What is Actual Total Loss?

A

When subject matter is destroyed beyond retrieval or repair

21
Q

Constructive Total Loss

A

When the cost of repair exceeds the value of property

22
Q

What is an Extension of hull insurance?

A

Running Down Clause

23
Q

Running down clause is also known as?

A

3/4 collision liability clause or Collision clause

24
Q

What is RDC?

A

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 “

25
Q

Exclusions of Hull insurance?

A

Bodily injury or Death, to third party

26
Q

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

A
27
Q

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

A

Assignment

28
Q

What are the 6 policy variations?

A

Time
Voyage
Mixed
Floating
Open
Building risk policy

29
Q

The great fire of London destroyed how many homes?

A

70000

30
Q

The great fire of London was from when to when?

A

Sept 2 1666 to September 6 1666

31
Q

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

A

Private Early Brigades

32
Q

Mixed policy is the combination of what and what policies?

A

Time and Voyage

33
Q

Voyage Policy meaning

A

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

34
Q

Under what condition is Voyage policy terminated?

A

60 days after unloading at the port of destination

35
Q

Time policy covers?

A

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

36
Q

Floating policy?

A

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

37
Q

Another name for open policy is?

A

Unvalued policy

38
Q

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

A

Open Policy

39
Q

Building policy covers?

A

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

40
Q

Fire marks were used to indicate?

A

Buildings that were insured

Insurance (9 decks)

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