IC-67 Optional · Optional General Insurance

Marine Insurance — Mock Tests & Exam Prep

Marine insurance — hull, cargo and freight cover, the Marine Insurance Act and claims under marine policies.

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349
Verified questions
100
Questions per exam
2 hrs
Exam duration
60%
Pass mark
30
Credit points

Try IC-67 free — 5 real questions

These are 5 of the 349 IC-67 questions in Certena, taken from across the paper. Every answer key has been checked against a source — a printed answer key, a textbook extract, or arithmetic — not guessed. Reveal the answer and the explanation below each question. No sign-up needed.

Question 1
Name the arrangement that helps to reduce ceding company’s exposure or individual risks more efficiently than proportional reinsurance.
  1. AAuto Fac Treaty
  2. BSurplus Treaty
  3. CStop Loss treaty
  4. DQuota Share Treaty
  5. EExcess of Loss Treaty
Show answer & explanation

Answer: E. Excess of Loss Treaty

Excess of loss treaty is basically a form of reinsurance whereby the direct insurer sets a monetary limit to the amount he is prepared to bear of any one loss as a result of any one event, on the class or classes of business concerned. An excess of loss arrangement helps to reduce the ceding company’s exposure on individual risks more efficiently than proportional reinsurances and it also deals more effectively with the problems of accumulations and catastrophe risks.

Question 2
Goldie books 7 boxes by a MTO (Multimodal Transport Operator). The weight of these boxes was 500 kgs. These goods were lost in transit. Calculate the amount the MTO will have to pay?
  1. A4444 SDR
  2. B4666 SDR
  3. C4999 SDR
  4. D5555 SDR
  5. E5888 SDR
Show answer & explanation

Answer: B. 4666 SDR

The liability of the MTO is limited to 666.67 SDR (Special Drawing Rights) per package or 2 SDR per kg. of gross weight of the goods lost or damaged, WHICH EVER IS HIGHER. In the above problem - Liability on the basis of packages is 7 boxes X 666.67 SDR = 4666.69 SDR Liability on th basis weight is 500 kgs X 2 SDR = 1000 SDR So MTO Liability would be 4666 SDR which is higher of the two.

Question 3
In which of the following policies there is no implied warranty that the goods insured are seaworthy?
  1. ADuty insurance policy
  2. BCargo policy
  3. CVoyage policy on goods
  4. DIncreased value insurance policy
  5. EDecreased value insurance policy
Show answer & explanation

Answer: B. Cargo policy

In a Cargo Policy, there is no implied warranty that the goods insured are seaworthy.

Question 4
Sandeep wants to send some cargo by ship to his foreign buyer. The cargo needs some special containers which are tailor made as per shape of the cargo. Which of the following bodies will help Sandeep for this?
  1. AIndian Chambers of Commerce
  2. BThe Shipping Ministry of India
  3. CInland Container Depots
  4. DIndian Institute of Packing
  5. EMarine products export development authority
Show answer & explanation

Answer: D. Indian Institute of Packing

Each country has its own packing consultant. In India, the Indian Institute of Packing are the specialized packing consultant who advises about the special containers to be designed and tailor-made according to the cargo that needs shipping.

Question 5
A cargo of _____ can loose weight in case it is shipped under imperfect condition.
  1. ACoal
  2. BGrains
  3. CCotton Bales
  4. DSpices
  5. EFruits
Show answer & explanation

Answer: E. Fruits

Some commodities like fruits and vegetables sweat if shipped in poor conditions and thus loose weight.

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Frequently asked questions

What is IC-67?
IC-67 (Marine Insurance) is an optional Optional-level examination offered by the Insurance Institute of India (III). Marine insurance — hull, cargo and freight cover, the Marine Insurance Act and claims under marine policies.
How many questions are in the IC-67 exam?
The IC-67 exam has 100 MCQs to be answered in 120 minutes (2 hours). All questions must be attempted — there is no negative marking.
What is the pass mark for IC-67?
You need to score at least 60% to pass IC-67. Scoring 75% or above earns a Distinction grade.
How many credit points does IC-67 carry?
IC-67 carries 30 credit points. These count toward your III certification — 60 credits for Licentiate, 250 for Associateship, 490 for Fellowship.

Related subjects

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Principles of Insurance
IC-11
Practice of General Insurance
IC-45
General Insurance Underwriting
IC-46
General Insurance Accounts Preparation & Regulation of Investment
IC-14
Regulations of Insurance Business
IC-27
Health Insurance

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