Chapter 14 - Oncean And Inland Marine Insurance

11 Questions | By Fsspc | Last updated: Mar 22, 2022 | Total Attempts: 233

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Those of you unaware of marine insurance may think it covers any damage to property that is caused by water, such as a flood – but actually, marine insurance covers the damage and loss of ships or cargo while it is on the route from the point of origin and the destination. What do you know about it?

Questions and Answers

1.

A voluntary action to rid the ship of cargo to prevent further damage is called what?
- A.
  
  Jettison
- B.
  
  Particular average
- C.
  
  Barratry
- D.
  
  General average
2.

The Motor Truck Cargo policy does which of the following?
- A.
  
  Insures a truck carrier for liability arising out of the transportation of cargo
- B.
  
  Covers any loss to cargo in transit, regardless of whether the carrier is liable for damage
- C.
  
  Insures the shipper for all incoming or outgoing shipments during the policy term
- D.
  
  Provides coverage for a shipper on a single shipment of goods
3.

Which of these statements about the Mail coverage form are correct? Select all that apply.
- A.
  
  It covers bonds, securities, and checks when they are sent by first class or certified mail.
- B.
  
  Food stamps and money are always excluded under the policy.
- C.
  
  Property is covered on a named peril basis.
- D.
  
  Losses are valued on the basis of the property's actual value, but not less than its market value, on the date of mailing.
4.

Which of the following can be covered under the Physicians and Surgeons Equipment coverage form? Select all that apply.
- A.
  
  Medical instruments that are on the premises
- B.
  
  Dental instruments that are off the premises
- C.
  
  Radium
- D.
  
  All of the above
5.

Which of the following losses could be covered under the Theatrical Property coverage form?
- A.
  
  Theft of costumes from an unlocked vehicle
- B.
  
  Damage to a vehicle used as a prop in the production
- C.
  
  Destruction of admission tickets for the production in a fire
- D.
  
  All of the above
6.

Which of the following properties can be covered under the Film coverage form? Select all that apply.
- A.
  
  Positive prints
- B.
  
  Motion picture film
- C.
  
  Soundtrack
- D.
  
  Unused footage
7.

Which of these losses is covered under the Signs coverage form? Select all that apply.
- A.
  
  The electric sign above the insured's business is destroyed when it is blown down in a thunderstorm.
- B.
  
  The insured's neon sign is damaged when vandals throw rocks at it.
- C.
  
  A power surge blows out several tubes in the insured's fluorescent sign.
- D.
  
  All of the above.
8.

Which of these losses is covered under the Jewelers Block coverage form, assuming that the insured has purchased all available optional coverages? Select all that apply.
- A.
  
  Theft of money from a locked vault on the insured's premises
- B.
  
  Theft of money from an unlocked vault on the insured's premises
- C.
  
  Theft of covered property from an unattended auto
- D.
  
  Theft of items on display in a show window when the window is smashed
9.

How often is the insured required to submit reports of values under the Floor Plan coverage form?
- A.
  
  Quarterly
- B.
  
  Monthly
- C.
  
  Annually
- D.
  
  Weekly
10.

Which of these losses would be covered under the Camera and Musical Instrument Dealers coverage form?
- A.
  
  When the insured plugs in an electric guitar to demonstrate it for a customer, there is a short circuit that damages the guitar's wiring.
- B.
  
  A clerk drops a camera when arranging digital cameras in a show window. The lens shatters.
- C.
  
  Both A and B.
- D.
  
  Neither A nor B.
11.

The Electronic Data Processing Equipment floater covers what? Select all that apply.
- A.
  
  Computer hardware, but not software or data.
- B.
  
  Property in transit.
- C.
  
  It does not cover computer equipment that is in the insured's care, custody, or control.
- D.
  
  It can contain breakdown coverage.