Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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Duty insurance - Covers the custom duty paid in case of loss to goods imported.
Time and voyage policies - Issued for hull insurance and are for a fixed term, generally twelve months, or a specific voyage.
Institute Cargo Clauses are drafted by the Institute of London Underwriters and used internationally
Total losses - Actual total loss, Constructive total loss. Actual total loss - when there is a clear material loss of the subject matter of insurance. Constructive total loss - when total loss appears unavoidable as subject matter of insurance is destroyed beyond repair and repair cost would be uneconomical
Average Clause - used when the value of property is deliberately understated by the insured
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