Transportation Insurance

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Questions and Answers

Which term refers to the estimated value of goods that will be transported during the period of insurance?

  • Exposure
  • Turnover
  • Annual carry (correct)
  • Load limit

What does the load limit indicate?

  • The number of trips a farmer does in a year
  • The maximum value that a vehicle will carry in a single trip
  • The total exposure of goods being transported
  • The size of a potential single loss (correct)

Why is a farmer who does only 6 trips a year less of a risk compared to a farmer who does 104 trips a year?

  • Because the former is less exposed to road risk (correct)
  • Because the former has a higher load limit
  • Because the former has a lower load limit
  • Because the former has a higher annual carry

What are the rates based on in this context?

<p>Both the annual carry and the load limit (A)</p> Signup and view all the answers

Why is there a magnitude discount factor applied to the rates?

<p>To reduce the rate charged on the exposure (A)</p> Signup and view all the answers

Which term refers to the total exposure of goods being transported during the period of insurance?

<p>Annual carry (C)</p> Signup and view all the answers

What does the load limit indicate?

<p>The maximum value a vehicle will carry in a single trip (C)</p> Signup and view all the answers

Why is a farmer who does only 6 trips a year less of a risk compared to a farmer who does 104 trips a year?

<p>The farmer with 6 trips is less exposed to road risk (C)</p> Signup and view all the answers

What are the rates based on in this context?

<p>Both the annual carry and the load limit (B)</p> Signup and view all the answers

Why is there a magnitude discount factor applied to the rates?

<p>To effectively reduce the rate charged on the exposure (D)</p> Signup and view all the answers

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