Insurance & Maritime Trade MCQ — 92 Practice Questions with Answers

Q1. Consider the following statements regarding marine policies under the Marine Insurance Act, 1963: 1. A marine policy must specify the subject-matter insured and the risk insured against. 2. A marine policy need not specify the sum or sums insured. 3. A marine policy must be signed by or on behalf of the insurer. 4. A marine insurance contract is not admitted in evidence unless it is embodied in a marine policy in accordance with the Act. Which of the statements given above are correct?

Q2. Consider the following statements regarding floating policy and double insurance: 1. A floating policy describes insurance in general terms and leaves the ship's name and other particulars to later declaration. 2. Unless the policy otherwise provides, declarations under a floating policy must be made in the order of dispatch or shipment. 3. Double insurance exists where two or more policies on the same adventure and interest make the sums insured exceed the indemnity allowed by the Act. 4. In double insurance, the assured is entitled to receive and retain sums in excess of the indemnity allowed by the Act. Which of the statements given above are correct?

Q3. Consider the following statements regarding insurable interest under the Marine Insurance Act, 1963: 1. A person has an insurable interest when interested in a marine adventure. 2. The assured must be interested in the subject-matter insured when the insurance is effected, but not necessarily at the time of loss. 3. A partial interest of any nature is insurable. Which of the statements given above are correct?

Q4. Consider the following statements regarding components of the Sagarmala Programme: 1. Sagarmala includes reducing the cost of transporting domestic cargo through optimizing modal mix. 2. Port-linked industrialization under Sagarmala includes development of port-proximate industrial capacities near the coast. 3. Sagarmala is designed to replace port-led development with road-only inland corridors. 4. India's port system includes major ports and non-major ports administered by Central and State Governments respectively. Which of the statements given above are correct?

Q5. Consider the following statements regarding the Bharat Maritime Insurance Pool: 1. It is backed by a sovereign guarantee of ₹12,980 crore. 2. Its combined underwriting capacity is approximately ₹950 crore. 3. It covers only foreign-flagged vessels operating from Indian ports. 4. GIC Re has been designated as the Pool administrator. Which of the statements given above are correct?