Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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There are 4 types of losses under Marine Insurance: total loss, partial loss, sue and labour charges and salvage charges
Marine policies based on the type of cover chosen, can be classified into 5 types: specific policy, open cover, open policy, annual policy / sales turnover policy, duty and increased value policy.
Replacement cost is paid for the property by the insurer under Reinstatement Value Policy.
Sue and Labour Charges are expenses that are incurred by the insured to minimise or avert a loss covered by the policy.
Floating policy covers stock at various locations under one sum insured.
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