BAGame3

All marine insurance contracts are in principles contracts of utmost good bargain.

• True

• False

Insurance was developed as a result of the existence of:

• hazards.

• indemnity.

• loss.

• risk.

The type of losses generally covered by marine insurance policy include general average losses and weighted average losses.

• True

• False

Notice of abandonment is necessary in the case of actual total loss.

• True

• False

Which are the correct disadvantages of Arbitration?

• Legal point, flexible, fees expensive and delays

• Fees expensive, legal point, delays and limited appeal

• Limited appeal and its quick

• Flexible

Litigation, Arbitration, Mediation and Negotiation are methods of ADR.

• True

• False

Litigation is a meeting between the parties where an impartial third party facilitates discussions.

• True

• False

Conciliation is an adjudicative process where the parties submit their dispute, for a binding decision, to an impartial tribunal.

• True

• False

A marine insurance contract is a contract where the insured is indemnified against unforeseeable loss or damage which may or may not occur.

• True

• False

Section 55(1) of the Marine Insurance Act 1906 introduces the doctrine of insurable interests.

• True

• False