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Exam 10: International Insurance

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Question 41

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Lloyd's of London originally began in a coffee shop.

A) True
B) False

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Question 42

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All marine insurance policies carry a general average clause.

A) True
B) False

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Question 43

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Even in good weather,cargo is subject to ship's movement in ____________________ directions at once.

An act of disobedience or willful misconduct by the captain or the crew of a ship that causes damage to the ship or cargo is called ____________________.

Hull insurance rates are dependent upon the ____________________ of a ship,the way it is maintained,and the equipment it has on board.

To avoid loss of the ship or other cargo,a captain is allowed to ____________________ cargo in order to make the vessel lighter or to protect against cargo that might come loose.

An exporter in a developing country sells under CIF terms to an importer in a developed country.The exporter provides the minimum required insurance coverage.If there is a loss,the importer would

It is impossible to get insurance for ____________________ leakage.

A major financial problem occurred for Lloyd's of London due to its coverage of

One of the most complex areas of international logistics is international insurance.

Warehouse-to-Warehouse coverage is an extension to the traditional All Risks,With Average,and Free of Particular Average policies.It is an integral part of the Institute Marine Cargo Clause policies for Coverages A,B,and C,for which it is called "Transit" clause.

Some products have a natural propensity to be affected a certain way over time.For instance,steel will show surface rust when exposed to air and moisture,agricultural products will foster insects and rodents.This is called inherent ____________________.

Modern shipping methods mean that container cargo is rarely damaged by water.