Exam 10: International Insurance

Some cargoes,such as athletic shoes,cellular telephones,and computer equipment are especially subject to the possibility of theft because they are easy to ____________________.

At Lloyd's,individuals assuming (insuring)risks on their personal fortunes are called

Lloyd's of London acts as a market through which unusual risks are insured.

The chance of a loss that can be accurately calculated,because ample empirical data is available or because a good mathematical model has been developed,is called ____________________ risk.

More companies are selling insurance on an "open-account" basis because

Most piracy occurs near Northwest Asia.

Most cargo sent by air has ____________________ value.

Air cargo can be damaged during flight because cargo pilots do not maneuver or fly as gently as passenger pilots do.

According to John Waite,chief surveyor of the Salvage Association,the biggest hazard(s)for container ships is/are

Airfreight insurance policies

Goods shipped "under deck"

Institute for Marine Cargo Clauses Coverage B

Under an American Conditions Free of Particular Average policy,

It is possible to find insurance for improper packing.

Dangerous cargo can only travel by ocean,not by air.

Most air cargo policies are not included in the open cargo policy of a firm.

A "With Average" policy does not cover any losses from loading and unloading of the vessel.

The Institute Marine Cargo Clauses Coverage A,B,and C are governed by British law.

A typical container will be handled _____ times in each of the ports of departure and destination.

The standards for airfreight packing are much less stringent than for an ocean shipment.