2. When a loss or damaged is claimed for, who is assigned to investigate and inspect product? A) The carrier B) The shipper C) Those subject to general average D) The surveyor 3. Marine insurance is primarily charged or rated at: A) Cents per Dollar of Insured Value B) Cents per Hundred Pounds of Product Weight C) Cents per Hundred Dollars of Insured Value D) Cents per Thousand Dollars of Insured Value 4. Why is subrogation such an important part of a risk management plan in marine shipments? A) It guides the nature of marine insurance policies to exclude some parties in the loss/damage event B) It guides the nature of marine insurance policies such that it reduces the need for surveyors C) It guides the nature of marine insurance policies such that insurers can recover money from all liable for losses D) It guides the nature of marine insurance policies such that it supersedes utmost good faith

5. On marine voyages that involve a landbridge, or ocean/land components, what government/regime laws govern each leg of the journey? A) Since there is a marine component, all legs of the trip are governed by the Federal Government B) Since it involves multiple modes and multiple jurisdictions, each part of the journey is governed by local regimes C) Since there are land components to the move, the Provincial Government governs the entire journey D) Since there is a marine component in this journey, it would all be governed by international laws. 6. The system of General Average applies when: A) The act is intentional B) No other insurance is available C) The carrier has performed an illegal act D) All parties agree to the act just prior to jettison 7. Which party is primarily the one to insure goods on a marine shipment? A) The owner of the goods B) The marine carrier C) The marine surveyor D) The customs broker 8. Why do Incoterms play such a major part in marine insurance? A) Stating the Incoterm implies that a contract exists B) Marine insurance is a requirement of the terms of sale, and Incoterms describe the insurance obligations of each party. C) Because Incoterms are stated on the bill of lading D) Due to General Average

9. Through whom would one typical arrange for Marine Insurance A) Directly with the Steamship line B) With an Intermediate agent C) Through your company group insurance plan D) Through your load broker 10. Marine incidents (by virtue of the sheer size and volume total shipments) can be costly. There are different degrees of recovery, specific to insurance. What are these levels for recovery of losses? A) General Average Acts, Fortuitous Acts, Indemnity B) Institute Cargo Clause, Particular Average, All Risks C) General Average Acts, Particular Average and Total Loss. D) With Average, Free of Particular Average, All Risks

11. Customs brokers offer a valuable service to importers and exporters of goods. Once an importer uses a customs broker to complete the import of goods, how does that change the importers responsibilities to that importation? A) Since the customs broker is a licensed professional, they assume legal responsibility for any and all mistakes and omissions in the customs process. B) Statutes have changed to the extent that the individual employee working for the customs brokerage firm that completes all work and payment of duties on behalf of the importer is ultimately responsible for all mistakes in the customs process. C) Since the importer is dealing with a licensed professional, the legal responsibility to complete all parts of the customs process is shared between the customs broker and the importer. D) The importer remains responsible for all parts of the import process.

Answer rating: 100% (QA)

The detailed answer for the above question is provided below 2 When a loss or damaged is claimed for ... View the full answer