Question 1

Marine cargo insurance can be purchased from

Accepted Answer

A)  a barratry. 
B)  MSC Carla. 
C)  COGSA. 
D)  All of the above 
E)  None of the above 
A)  a barratry. 
B)  MSC Carla. 
C)  COGSA. 
D)  All of the above 
E)  None of the above

Question 2

Insurance coverage designed to fill the gap between what an importer would like to have covered under its open cargo policy and what is covered under its supplier's CIF or CIP coverage is called

Accepted Answer

A)  a Difference in Conditions coverage. 
B)  a Constructive Total Loss Coverage. 
C)  a Sue and Labor clause. 
D)  an Inchmaree clause. 
E)  None of the above 
A)  a Difference in Conditions coverage. 
B)  a Constructive Total Loss Coverage. 
C)  a Sue and Labor clause. 
D)  an Inchmaree clause. 
E)  None of the above

Question 3

The problem of an insurance policy requiring goods to be shipped "under deck" can be solved by requesting that the insurance company cover the goods based upon the Shipper's Letter of ____________________.

Accepted Answer

The answer of The problem of an insurance policy requiring...

Question 4

At Lloyd's,the individuals assuming (insuring)risks are grouped together in

Accepted Answer

A)  associations. 
B)  underwriting instruments. 
C)  agencies. 
D)  Baileys. 
E)  None of the above 
A)  associations. 
B)  underwriting instruments. 
C)  agencies. 
D)  Baileys. 
E)  None of the above

Question 5

Coverage A of the Institute Marine Cargo Clauses is the maximum coverage an exporter or importer would normally need to purchase

Accepted Answer

A)  for most trade lanes of the world. 
B)  for shipments from one developed country to another. 
C)  for shipments that stay away from political hot spots of the world. 
D)  All of the above 
E)  None of the above 
A)  for most trade lanes of the world. 
B)  for shipments from one developed country to another. 
C)  for shipments that stay away from political hot spots of the world. 
D)  All of the above 
E)  None of the above

Question 6

At Lloyd's,the individuals assuming (insuring)risks have

Accepted Answer

A)  unlimited liability. 
B)  limited liability. 
C)  limited liability only in the United Kingdom. 
D)  unlimited liability only in the United Kingdom. 
E)  None of the above 
A)  unlimited liability. 
B)  limited liability. 
C)  limited liability only in the United Kingdom. 
D)  unlimited liability only in the United Kingdom. 
E)  None of the above

Question 7

Coverage A of the Institute Marine Cargo Clauses requires a special endorsement to cover

Accepted Answer

A)  an unseaworthy vessel. 
B)  improper packing. 
C)  strikes and other civil disturbances. 
D)  All of the above 
E)  None of the above 
A)  an unseaworthy vessel. 
B)  improper packing. 
C)  strikes and other civil disturbances. 
D)  All of the above 
E)  None of the above

Question 8

An insurance contract is legally binding only if the insured has a(n)____________________ in the subject matter of the insurance.

Accepted Answer

The answer of An insurance contract is legally binding only...

Question 9

Lloyd's of London is the oldest insurance company in the history of shipping.

Accepted Answer

A) True 
 B)False

Question 10

Premiums in an open ocean cargo policy

Accepted Answer

A)  are based upon the value of shipments made under the policy. 
B)  are based on the number of pro forma invoices that a company has outstanding. 
C)  mean the shipper can make one shipment under the insurance policy. 
D)  All of the above 
E)  None of the above 
A)  are based upon the value of shipments made under the policy. 
B)  are based on the number of pro forma invoices that a company has outstanding. 
C)  mean the shipper can make one shipment under the insurance policy. 
D)  All of the above 
E)  None of the above

Question 11

Most of the ships that sink each year

Accepted Answer

A)  are older ships. 
B)  are bulk ships. 
C)  are ships flying third world countries' flags. 
D)  All of the above 
E)  None of the above 
A)  are older ships. 
B)  are bulk ships. 
C)  are ships flying third world countries' flags. 
D)  All of the above 
E)  None of the above

Question 12

Protection and ____________________ is a form of insurance for a ship owner against liability to other parties when a ship sinks or is damaged.

Accepted Answer

The answer of Protection and ____________________ is a form of...

Question 13

A ship valued at $1,337,500 is carrying a cargo of iron ore valued at $125,000,and a cargo of coal valued at $100,000.The ship is stranded and the captain jettisons what is later determined to be $12,500 worth of iron ore.The stranded ship is towed to port,receives a bill from the tug company of $56,250 and is determined to have suffered $71,875 worth of damage to the ship.The captain declares a general average.How much liability will the company shipping the coal have?

Accepted Answer

A)  $7,750 
B)  $9,000 
C)  $11,250 
D)  $140,625 
E)  None of the above 
A)  $7,750 
B)  $9,000 
C)  $11,250 
D)  $140,625 
E)  None of the above

Question 14

The concept of general average is exclusively used in marine insurance.

Accepted Answer

A) True 
 B)False

Question 15

It is rare for cargo to fall overboard from ships.

Accepted Answer

A) True 
 B)False

Question 16

Traditionally,shippers of higher-value cargo will ask that the cargo be carried "____________________ deck."

Accepted Answer

The answer of Traditionally,shippers of higher-value cargo will ask that...

Question 17

At the time a ship is stranded,its cargo usually suffers heavy damage.

Accepted Answer

A) True 
 B)False

Question 18

Institute Marine Cargo Clauses Coverage C

Accepted Answer

A)  is required by Incoterms CIF and CIP. 
B)  is appropriate for most goods. 
C)  is adequate for most containerized goods. 
D)  All of the above 
E)  None of the above 
A)  is required by Incoterms CIF and CIP. 
B)  is appropriate for most goods. 
C)  is adequate for most containerized goods. 
D)  All of the above 
E)  None of the above

Question 19

While it is difficult to obtain,some insurers will write policies covering losses from nuclear war.

Accepted Answer

A) True 
 B)False

Question 20

The liability of a single P&I club is limited to

Accepted Answer

A)  cargoes of crude oil. 
B)  $7 million. 
C)  an international fund. 
D)  All of the above 
E)  None of the above 
A)  cargoes of crude oil. 
B)  $7 million. 
C)  an international fund. 
D)  All of the above 
E)  None of the above

Marine cargo insurance can be purchased from

Insurance coverage designed to fill the gap between what an importer would like to have covered under its open cargo policy and what is covered under its supplier's CIF or CIP coverage is called

The problem of an insurance policy requiring goods to be shipped "under deck" can be solved by requesting that the insurance company cover the goods based upon the Shipper's Letter of ____________________.

At Lloyd's,the individuals assuming (insuring)risks are grouped together in

Coverage A of the Institute Marine Cargo Clauses is the maximum coverage an exporter or importer would normally need to purchase

At Lloyd's,the individuals assuming (insuring)risks have

Coverage A of the Institute Marine Cargo Clauses requires a special endorsement to cover

An insurance contract is legally binding only if the insured has a(n)____________________ in the subject matter of the insurance.

Lloyd's of London is the oldest insurance company in the history of shipping.

Premiums in an open ocean cargo policy

Most of the ships that sink each year

Protection and ____________________ is a form of insurance for a ship owner against liability to other parties when a ship sinks or is damaged.

The concept of general average is exclusively used in marine insurance.

It is rare for cargo to fall overboard from ships.

Traditionally,shippers of higher-value cargo will ask that the cargo be carried "____________________ deck."

At the time a ship is stranded,its cargo usually suffers heavy damage.

Institute Marine Cargo Clauses Coverage C

While it is difficult to obtain,some insurers will write policies covering losses from nuclear war.

The liability of a single P&I club is limited to

Introduction

International Supply Chain Management

International Logistics Infrastructure

Methods of Entry into Foreign Markets

International Contracts

Terms of Trade or Incoterms

Terms of Payment

Currency of Payment (Managing Transaction Risks)

International Commercial Documents

International Ocean Transportation

International Air Transportation

International Land and Multi-Modal Transportation

Packaging for Export

International Logistics Security

Customs Clearance

Using International Logistics for Strategic Advantage

Filters

Exam 10: International Insurance

Marine cargo insurance can be purchased from

Insurance coverage designed to fill the gap between what an importer would like to have covered under its open cargo policy and what is covered under its supplier's CIF or CIP coverage is called

The problem of an insurance policy requiring goods to be shipped "under deck" can be solved by requesting that the insurance company cover the goods based upon the Shipper's Letter of ____________________.

At Lloyd's,the individuals assuming (insuring)risks are grouped together in

Coverage A of the Institute Marine Cargo Clauses is the maximum coverage an exporter or importer would normally need to purchase

At Lloyd's,the individuals assuming (insuring)risks have

Coverage A of the Institute Marine Cargo Clauses requires a special endorsement to cover

An insurance contract is legally binding only if the insured has a(n)____________________ in the subject matter of the insurance.

Lloyd's of London is the oldest insurance company in the history of shipping.

Premiums in an open ocean cargo policy

Most of the ships that sink each year

Protection and ____________________ is a form of insurance for a ship owner against liability to other parties when a ship sinks or is damaged.

The concept of general average is exclusively used in marine insurance.

It is rare for cargo to fall overboard from ships.

Traditionally,shippers of higher-value cargo will ask that the cargo be carried "____________________ deck."

At the time a ship is stranded,its cargo usually suffers heavy damage.

Institute Marine Cargo Clauses Coverage C

While it is difficult to obtain,some insurers will write policies covering losses from nuclear war.

The liability of a single P&I club is limited to

Introduction

International Supply Chain Management

International Logistics Infrastructure

Methods of Entry into Foreign Markets

International Contracts

Terms of Trade or Incoterms

Terms of Payment

Currency of Payment (Managing Transaction Risks)

International Commercial Documents

International Ocean Transportation

International Air Transportation

International Land and Multi-Modal Transportation

Packaging for Export

International Logistics Security

Customs Clearance

Using International Logistics for Strategic Advantage

Filters