🎧 New: AI-Generated Podcasts Turn your study notes into engaging audio conversations. Learn more

Marine Insurance Rights and Liabilities
5 Questions
1 Views

Marine Insurance Rights and Liabilities

Created by
@ReachableTimpani

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Under what policy can the insured abandon property to the insurers and claim a total loss?

  • Life Insurance Policy
  • Health Policy
  • Fire Policy
  • Marine Policy (correct)
  • What happens if the insured does not cooperate according to the condition?

  • The insured is given additional time to cooperate
  • The insured's benefits under the policy are forfeited (correct)
  • The insured's liability for loss is admitted
  • The insured is forgiven for non-cooperation
  • What is the purpose of enabling loss assessors to enter the premises?

  • To minimize the damage
  • To establish the cause and extent of loss (correct)
  • To protect salvage
  • All of the above
  • When are the rights conferred by the condition exercisable by the company?

    <p>At any time until a notice in writing is given by the insured that he makes no claim</p> Signup and view all the answers

    Why is the right of abandonment denied under a fire policy?

    <p>To avoid causing problems for insurers</p> Signup and view all the answers

    More Quizzes Like This

    Marine Insurance and Cargo Insurance
    10 questions
    Introduction to Marine Insurance
    10 questions
    Marine Insurance Losses
    10 questions
    Use Quizgecko on...
    Browser
    Browser