Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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Declaration Policies - In cases where can be substantial fluctuations in stock or goods at a location, a declaration policy with provisional premium may be issued.
Types of marine policies - Specific policy, Open policy, Increased value, Duty insurance, Time and voyage policies
Specific policy - Issued to cover a single consignment for a single transit.
Open policy - A contract for a specific period of time, usually twelve months, and covers shipments as they are made when the consignments are reported to the insurer within a specified period of time by declarations.
Increased value - Policies provide for increase in the value of goods due to the increase in market value of the goods, at destination.
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