ĐỀ THI SỐ 2: 75mins

PART 1: MULTIPLE CHOICES (6 POINTS). CIRCLE THE CORRECT ANSWER

1. 10,000 MT of rice with insurance value of $200.000USD,were insured with insurance amount
of $160,000. Partial loss of rice was $100,000 by insurable risks. How much would the insured be
indemnified?
a. 100,000USD b. 40.000USD
c. 80,000USD d. 500USD
2. A vessel with insurance value 10mil transported cargo of shipper A(1mil) and shipper B (2mil),
freight to collect was 300,000USD. During the shipment, the storm came and blew away
200,000USD of shipper B. The master decided to throw cargo of shipper A (200,000USD) into
the sea and speed up the engine of vessel. At the port of destination, the master declared G/A
and asked shipper A and shipper B pay bond for G/A. Repair cost of engine was 300,000USD.
The contribution of shipper B for this G/A is:
a. 68,702.2901USD b. 52,000USD
c. 68,000USD d. 100,000USD
3. .Deductibles for hull insurance is applied when the ship stops operating at least:
a. 60 WWDSHEX b. 30 weather working days
c. 30 running days d. 60 days
4. Fire and explosion insurance in Vietnam is ruled by:
a. Decree 220/CP- BTC b. Insurance Law 2000
c. Circular No.220/2010/TT-BTC d. None of the above
5. One of the exclusion of Fire and explosion Insurance is “Lightning directly on the insured assets
without causing any..................................
a. fire b. loss and damage
c. None of the above d. fire and explosion
6. Loss and damage of “Money, precious metals, gemstones, securities, letters of guarantee,
documents, scripts, business books, computer files, diplomas, m olds, drawings or blueprints,
unless those items are certified in the insurance certificate” is …………………….of fire and
explosion insurance
a. exclusion b. extra insurable risk
c. insurable risk d. none of the above
7. In fire and explosion insurance, in case that the subjects of insurance are the commodity (the
original material, semi-perfect product, perfect product), the sum covered by insurance is
calculated in ............................. in accordance with the proclamation.
a. book b. order
c. cash d. none of the above
8. In fire and explosion insurance, the sum covered by insurance is the value which is determined
in money on ............................... of the possession participating the compulsory fire and
explosion insurance at the insurance participation time
a. the contract price b. the market price
c. none of the above d. the accounting book price
9. The P& I insurance is …………………………to ship-owner operating world wide
a. compulsory b. optional
c. subject d. none of the above
10. Piracy is insurable if the shipper insured his cargo with:
a. C-ICC 1982 b. B- ICC 1982
c. War Clause- ICC 1982 d. War clause- ICC 1963
11. A shipment of cargo by sea was insured with insurance amount of $20,000. At the port of
destination, as waiting for the berth, the vessel was anchored out of the port. At the time of
waiting, vessel was burned and all cargoes were lost at actual total loss. How much will the
shipper be indemnified by the insurer?
a. 11.000USD b. 10.000USD
c. 11.000USD+firefighting cost d.No indemnity as waiting is an exclusion
12. Marine insurance in Vietnam was directly controlled by:
a. Insurance Act 2000 b.ITC 1995
c. Maritime Law 2005 d.None of the above
13. Insurance value of cargo transported by sea in international trade may be included:
a. a (estimated interest rate)
b.F
c. I d.C
14. When the importer imports cargo under FOB term of Incoterms 2010, he has to insure his
cargo with:
a. No requirement b.B– ICC1982
c.C– ICC1982 d.A– ICC1982
15. WA is one of the institute cargo clause of :
a. ICC 2008 b. ICC1963
c. ITC1995 d.None of the above
16. When the ship-owner insured his vessel with 4/4 collision liability at P&I Club, he will be
indemnified by hull insurer and P&I insurer up to:
a. 3/4collision liability b.7/4collision liability
c. 4/4collision liability d.None of the above
17. The insured could get the indemnity that is more than the insurance value of subject matter
insured when:
a.Reinsurance b.Co-insurance
c.None of the above d.A>V
18-Insurance Value (V) is used with the subject matter insured:
a.Liability b.Property
c.People d.Health
19. It took 2.5 months for a vessel departing from Vietnam to German. The vessel transited in
Suez after 01 month, then lost track from Suez. How long would this vessel be considered to be
missing under UK Maritime Law?
a.4,5 months b.7,5 months
c.6 months d.3 months
 20. General Average is ruled by:
a.York Rules 1866 b.Antwerp Rules 1924
c.York – Antwerp Rules 2004 d. Hague Visby Rules 1968
21. An importer of Vietnam imported 10,000MT of fertilizer, price is 380USD/MT CIF PhuMy
Incoterms 2010. Freight is 30USD/MT, and insurance rate is 1%. The insurance value of this
shipment is:
a. 4,141,414USD b. 4,555,555USD
c. 3,800,000USD d. 4,180,000USD
22. P& I insurance covers:
a. Fire and explosion b. Collision liability
c. Sinking d. All: a, b and c
23. Clause B in hull aviation insurance does not cover:
a. Constructive total loss b. cargoes exceeding aircraft’s deadweight
c. Actual total loss d. None of the above
24. ICC 1982 for cargoes transported by sea was born in 1982 by
a. ILU (Institute London Underwriter) b. IATA
c. ICC (International Commerce Chamber) d. BIMCO
25. Reinsurance is:
a. risk transfer from the insured to the insurer b. risk transfer from the insurer to insurer
c. risk transfer among people d. risk transfer within the insured
26. Risk is
a. Peril, danger b. hazard, jeopardy
c. Risk of exposure, risk of infection d. all of the above
27. The …………………………………diagram is a visual representation of alllogical sequences
that lead to generate the risk
a. SWOT b. Reasonable
c. cause-and-effect d. Transfer
28. Aviation liability insurance for passengers covers:
a. b and d b. loss and damage of passengers’ luggage
c. Third party’s loss and damage d. Passenger’s death and injury
29. P& I insurance covers:
a. liability for personal injury or loss of life,
b. liability for loss caused by cargo or bunkers after grounding or striking against ice
c. other loss suffered by passengers or crew on the insured ship
d. all of the above
30. In the trip from Vietnam to India, the Vessel (V= 12mil) carrying cargoes of Vinafood 1 (1mil),
Vinafood 2(2mil) and Namviet (2 mil). Freight to collect is 500,000 USD. In the storm, cargo of
Vinafood 2 got wet, total loss of 300,000USD. The Master decided to throw cargo of Namviet into
the sea, total loss of 500,000 USD, then speed up the engine to be fast back to the port of destination.
He declared GA and asked consignees to pay GA bond. The contribution of Vinafood 2 is:
a. 10.500 USD b. 49,418.6047
c. 5500 USD c. No contribution

PART 2: CASE STUDY (4 POINTS)

 A company in Vietnam imported cement from Korea with price of 300USD/MT FOB Busan,
Incoterms 2010. The storm came suddenly during the trip. In order to run faster to avoid the storm,
the shipmaster decided to throw cargo into the sea and speeded up the engine. Then, he declared
General Average. At the port of destination, shipmaster asked shipper to pay bond for this G/A.
1. Calculate this G/A and contribution of each party.
More information: Insurance value of vessel is $2 mil. Total cargo is 100,000 packages (50kg/p).
Freight is $28/MT FIO, to collect (I=O=S=T= 1USD/MT).
Repair cost of engine is $100,000.Total cargo of jettison is 10,000 packages.
2. How much would the insurer indemnify the shipper if the Vietnamese shipper insured his cargo
with B clause, QTC 1990?
3. How much would the insurer indemnify the ship-owner if the vessel was insured with All Risk
clause ITC 1995?
I. PART 2: CASE STUDY (4 POINTS)
A company in Vietnam imported milk powder from Australia with price of 200USD/MT CFR
Cat Lai, Incoterms 2010. The storm came suddenly during the trip and 20% of cargo got wet as
result of sea water. In order to run faster to avoid the storm, the shipmaster decided to throw
cargo into the sea and speeded up the engine. Then, he declared General Average. At the port of
destination, shipmaster asked shipper to pay bond for this G/A.
1. Calculate this G/A and contribution of each party.
More information: Insurance value of vessel is $2 mil. Total cargo is 50,000 packages (50kg/p).
Freight is $28/MT FIO, to collect (I=O=S=T= 1USD/MT).
Repair cost of engine is $80,000.Total cargo of jettison is 5,000 packages.
2. How much would the insurer indemnify the shipper if the Vietnamese shipper insured his
cargo with C clause, QTC 1990?
3. How much would the insurer indemnify the ship-owner if the vessel was insured with All
Risk clause ITC 1995?