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Marine insurance policies - SS2 Commerce Past Questions and Answers - page 1

1

Which type of marine insurance policy provides coverage for a specific voyage or journey?

 

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A

Time Policy

 

B

Voyage Policy

 

C

Valued Policy

 

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2

What does a time policy in marine insurance cover?

 

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A

Specific voyage or journey

 

B

A specified period of time

 

C

Agreed value of the insured subject matter

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3

What is a valued policy in marine insurance?

 

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A

 A policy that covers multiple voyages

 

B

A policy with a flexible and adjustable coverage amount

 

C

A policy with a predetermined and agreed value of the insured subject matter

 

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4

What does an unvalued policy in marine insurance determine at the time of loss?

 

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A

The coverage period

 

B

The actual worth of the subject matter

 

C

The number of voyages to be covered

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5

Which type of marine insurance policy pays the agreed value as compensation in case of a total loss?

 

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A

Voyage Policy

 

B

 

 Time Policy

C

Valued Policy

 

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6

Define voyage policy in marine insurance.

 

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7

What is the main difference between a valued policy and an unvalued policy in marine insurance?

 

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