INSU 305 (Ch.4)

One of the following contracts used to divide transaction costs and responsibilities between buyer and seller

• INCOTERMS

• Reinsurance

• Insurance

• Affreightment

According to Ex-Works (EXW) in INCOTERMS, ………………

• The seller is responsible for all charges

• The buyer is responsible for all charges

• The reinsurance is responsible for all charges

• The ship-owner is responsible for all charges

Which of the following provide the most coverages to traders at the highest premium?

• FCA – Free Carrier

• Institute Cargo Clause C

• Institute Cargo Clause B

• Institute Cargo Clause A

Incidental perils are caused due to faults in loading, carrying and unloading, that refer to:

• Maritime risks

• War perils

• Unusual risks

• Strike risks

In INCOTERMS, the seller pays for all transportation costs and bears all risks – until the goods have been delivered, according to:

• FCA – Free Carrier

• CIP – Carriage and Insurance Paid

• OAF – Delivered at Frontier

• DDP – Delivery Duty Paid

Regarding DDU (Delivered Duty Unpaid), The buyer is responsible for the costs and risks for the unloading, duty and any subsequent ……… delivery beyond the place of destination

• Before

• Prior

• Post

• during

In marine insurance, the haulier could be responsible for full value stated on the policy expect for losses arising from ………………….

• Deterioration or variation in temperature

• Damages due to delivery within the time of contract

• Free storage

• International losses

In marine insurance, the risks of war are covered by:

• Institute Cargo Clause A

• Institute Cargo Clause B

• Separate policy

• Institute Cargo Clause C

In marine insurance war risks perils coverage provided by separate policy

• True

• False

Institute cargo clause C is a policy that covers the third party only

• True

• False