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1、 ChapterChapter 7 7 OceanOcean MarineMarine InsuranceInsuranceQuestions1. Answer the following questions according to the text.(1). Why is insurance indispensable to international trade?(2). Explain the two major types of ocean marine risks.(3). What is constructive total loss and what is the differ
2、ence between actual total loss and constructive total loss?(4). What are the fundamental principles of insurance that firms must follow when they cover for goods?(5). Can you give some examples to illustrate “insurable interest”?(6). Can you briefly describe subrogation?(7). What documents are neede
3、d in processing a claim for compensation?2. Please briefly define or explain the following terms.(1). insurance (6). Free from Particular Average(2). partial loss (7). general average(3). total loss (8). With Particular Average(4). insurable interest (9). Floating policy(5). proximate cause (10). Pr
4、inciple of subrogation3. Decide whether the following statements are true or false by writing “T” for true and “F” for false in each bracket beside each statement.(1). ( ) According to “lost or not lost concept” , the insurance contract is valid if the assured did not know of the loss at the time of
5、 contract of insurance.(2). ( ) In ocean marine insurance, the assured can recover more than actual loss provided that he can provide evidence of further losses contingent on the actual loss.(3). ( ) In ocean marine insurance, general average in to be borne by the carrier, who may, upon presentation
6、 of evidence of the loss, recover the loss from the insurance underwriter.(4). ( ) Partial loss or damage is never recoverable with FPA.(5). ( ) Special additional coverages such as war risks, strikes and so on must be taken out together with FPA, WA or AR.(6). ( ) In essence, floating policy is the
7、 same as time policy.(7). ( ) Ocean marine insurance covers ships and their cargo only on the high seas and not on inland waterways.(8). ( ) without insurance, international trade is simply impossible to take place.(9). ( ) Three types of risks are covered by ocean marine insurance, namely the peril
8、s of the sea, the extraneous risks and the force majeure.(10). ( ) Ocean marine insurance, covers two types of losses, partial loss and total loss.4. Complete the following diagram according to what you have read in the text.Fundamental Principle Of Cargo InsuranceIndemintyInsurable interest5. Fill
9、in each of the follow blanks with an appropriate word (some words are given the first or letters).Mankind has to face the conse_ of misfortune. Misfortune can arise in many forms, all of them leading to some form of loss. For example, the sole breadwinner of a family may meet with an ac_ and die. Th
10、e dependents face two immediately obvious forms of loss: emotional and financial.As another example, the premises of a factory might be destroyed by fire. Here, the owners of the factory face, besides other losses, the l_ in income, which the factory would be able to generate if the fire _ not occur
11、red. On the other hand, those employed by the factory owner face the prospect of redundancy and unemployment. We can give countless examples of events that lead to human grief and financial loss.The natural question to ask then is:” What arra_ can be made to overcome or at least reduce the effects o
12、f misfortune that may befall any person?”In answering the above question, we have to ad_ that no all forms of loss can be made good. For instance, the emotional trauma arising _ the death of a loved one cannot be made good by any conceivable compen_ system.Perhaps, what can be done is to devise a co
13、mpensatory system which at least will seek _ reduce the impact of financial loss that is consequent to an unfortunate event. One such possible arrangement whereby the financial loss arising as a con_ of an unfortunate incident, such as death or a fire, can be through the institution of insurance. 6.
14、6. TranslateTranslate thethe followingfollowing intointo Chinese.Chinese.Every moment, individuals, families and business units are exposed to losses arising from their property, occupations, activities and responsibilities. Who will bear these financial losses and where will the funds be obtained t
15、o offset such losses? Usually, in the absence of legal remedies, contract arrangements or co-operative efforts, losses will fall on the individual or business unit concerned. To solve this problem, an arrangement is introduced for coping with some of the risks and possible losses faced by the indivi
16、duals and business enterprises. The arrangement works on the law of large numbers, by spreading the risk of loss faced by a special person or enterprise to all parties who pool their resources to pay for individual losses. The loss-sharing arrangement is called insurance.The insurer is the intermediary who manages this
