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
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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
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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
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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
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Which type of marine insurance policy pays the agreed value as compensation in case of a total loss?
Voyage Policy
Time Policy
Valued Policy
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Define voyage policy in marine insurance.
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What is the main difference between a valued policy and an unvalued policy in marine insurance?
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