Marine insurance policies - SS2 Commerce Past Questions and Answers - page 1
Which type of marine insurance policy provides coverage for a specific voyage or journey?
Time Policy
Voyage Policy
Valued Policy
What does a time policy in marine insurance cover?
Specific voyage or journey
A specified period of time
Agreed value of the insured subject matter
What is a valued policy in marine insurance?
A policy that covers multiple voyages
A policy with a flexible and adjustable coverage amount
A policy with a predetermined and agreed value of the insured subject matter
A policy with a predetermined and agreed value of the insured subject matter
What does an unvalued policy in marine insurance determine at the time of loss?
The coverage period
The actual worth of the subject matter
The number of voyages to be covered
Which type of marine insurance policy pays the agreed value as compensation in case of a total loss?
Voyage Policy
Time Policy
Valued Policy
Define voyage policy in marine insurance.
A voyage policy provides coverage for a specific voyage or journey, protecting the cargo or goods being transported from one port to another.
What is the main difference between a valued policy and an unvalued policy in marine insurance?
The main difference is that a valued policy has a predetermined and agreed value for the insured subject matter, while an unvalued policy determines the value at the time of loss or damage based on the actual worth of the subject matter