IRDAI Surveyor Marine Hull (S-04) flashcards
IRDAI Surveyor Marine Hull (S-04) · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Utmost good faith
- A duty on both assured and insurer to disclose all material circumstances and not misrepresent facts; breach renders the marine policy voidable at the insurer's option.
- Insurable interest
- A legal or equitable right in the subject matter such that the assured benefits from its preservation or suffers loss from its damage; required at the time of loss.
- Proximate cause
- The dominant and efficient cause of a loss, determined by a commonsense chain of events rather than the last event; only the proximate cause determines recoverability.
- Warranty in marine insurance
- A condition precedent to liability that must be exactly complied with; breach discharges the insurer from the date of breach regardless of causation.
- Subrogation
- The transfer of the assured's rights of recovery against third parties to the insurer after indemnity is paid, preventing double recovery by the assured.
- Valued policy
- A policy where the insurable value is agreed in advance and stated in the policy; the agreed value is conclusive evidence of value absent fraud.
- IRDAI surveyor licence
- A mandatory licence issued by the Insurance Regulatory and Development Authority of India permitting a person to act as a marine loss surveyor.
- Insurance Ombudsman
- A statutory grievance redressal forum under the Insurance Ombudsman Rules that adjudicates policyholder complaints against insurers within specified territorial and pecuniary limits.
- Bima Bharosa
- IRDAI's online grievance redressal portal where policyholders can register and track complaints against insurers and intermediaries.
- Product filing
- The process by which insurers submit policy wordings, rates, and clauses to IRDAI for approval or record under the applicable product regulations.
- Institute Time Clauses Hulls
- Standard hull policy clauses covering perils of the seas, fire, collision liability, and negligence of master and crew, subject to exclusions and warranties.
- Running down clause
- A hull policy clause covering the assured's legal liability for collision damage to another vessel, typically limited to 3/4ths or 4/4ths of the loss.
- Sister-ship clause
- A clause treating two vessels under common ownership as strangers for collision liability purposes, allowing recovery as if they were unrelated.
- Trading warranty
- A policy warranty restricting the vessel to specified navigational limits or trades; breach discharges the insurer unless held covered.
- Due diligence proviso
- An exclusion for loss caused by want of due diligence of the assured or owners, while negligence of master, officers, and crew remains covered.
- Constructive total loss
- A loss where the subject matter is abandoned because repair cost exceeds its insured value, or damage cannot be repaired economically.
- Particular average
- A partial loss accidentally caused by an insured peril and borne solely by the owner of the damaged property, not apportioned among parties.
- Franchise clause
- A policy provision requiring the loss to exceed a stated amount before any recovery is payable; unlike a deductible, the whole loss is then paid.
- Betterment
- The improvement in the condition of the insured property resulting from repairs using new materials for old; generally excluded from claim settlement.
- Incidentals
- Additional reasonable costs such as survey fees, removal of wreck, and forwarding charges that may be recoverable under the policy.
- Institute Cargo Clauses A
- All-risks cargo cover excluding specified perils such as inherent vice, insufficient packing, delay, and ordinary leakage.
- Warehouse-to-warehouse clause
- Cargo cover that attaches when goods leave the consignor's premises and terminates on delivery to the consignee or expiry of the transit period.
- General average contribution
- The share of a general average sacrifice or expenditure apportioned among ship, cargo, and freight based on their arrived values.
- Salvage award
- Remuneration payable to salvors under the Salvage Convention, assessed by reference to saved value, danger, skill, and success.
- York-Antwerp Rules
- International rules governing the adjustment and apportionment of general average contributions between ship, cargo, and freight interests.
- Load line mark
- The Plimsoll mark indicating the maximum permissible loading of a vessel for different seasons and zones; overloading breaches statutory and policy conditions.
- Classification society
- An organisation that sets and verifies construction and maintenance standards for vessels; loss of class is a material warranty breach.
- Seaworthiness
- The fitness of a vessel, crew, and equipment to withstand the ordinary perils of the voyage at its commencement, including valid certificates.
- Metacentric height
- A measure of initial transverse stability indicating the distance between the centre of gravity and the metacentre; affects capsizing risk.
- Preliminary survey
- An initial inspection to establish the facts, cause, and extent of damage before detailed assessment and claim quantification.
- Survey report
- A structured document recording the date, parties, damage, cause, documents examined, and recommendations, supported by evidence and signed by the surveyor.
- Risk inspection
- An assessment of vessel condition, age, class, trading area, crew competence, and management quality to inform underwriting and loss prevention.