Types of Fire and Marine Insurance

Which of the following is the oldest form of insurance?

• Life Insurance

• Marine Insurance

• Health Insurance

• Fire Insurance

A Voyage Policy covers risks:

• For a fixed period

• For a specific voyage

• Only while the ship is at port

• For multiple journeys

Which policy is a combination of both voyage and time policies?

• Floating Policy

• Mixed Policy

• Blanket Policy

• Composite Policy

What is the primary purpose of a Floating Policy?

• To cover a single shipment

• To insure all cargo shipments within a period

• To insure only the ship, not the cargo

• To cover risks in a single port

Which policy protects the ship while it is anchored at a port?

• Time Policy

• Port Risk Policy

• Freight Policy

• Floating Policy

What type of policy is issued for a ship covering multiple risks under a single sum insured?

• Fleet Policy

• Declaration Policy

• Blanket Policy

• Single Vessel Policy

Freight Insurance protects against:

• Loss of freight payments

• Damage to the ship

• Loss due to piracy

• Port-related losses

Which of the following is NOT a Marine Insurance policy?

• Composite Policy

• Cargo Policy

• Valued Policy

• Consequential Loss Policy

The term "Run Off" in a Floating Policy means:

• The ship has left the port

• The policy has expired

• The total insured amount has been used up

• The ship has returned to its home port

What is a Block Policy?

• Covers risks related to both land and sea transportation

• Covers a single ship only

• Covers only cargo and not the ship

• Covers only goods in a single port