Question

What is the approach of some countries regarding the freedom of rating and handling claims for larger vessels?

a.

They follow the Joint Hull Formula

b.

They are not concerned about the rating and claims processing of larger vessels

c.

They do not insure larger vessels

d.

They follow their own set of rules and regulations

Answer: (a).They follow the Joint Hull Formula Explanation:Some countries have been able to achieve the freedom of rating and handling claims for larger vessels, but their approach in the matter is kept under review, and reinsurers, especially in the London market, like to be reassured that the Joint Hull Formula will be followed.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the approach of some countries regarding the freedom of rating and handling claims for larger vessels?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the agreement that exists in the London market regarding the total permissible commission on hull reinsurance?

Q. What is a working excess of loss cover?

Q. What is the purpose of rating expertise in aviation and special types of liability business?

Q. How is most of the reinsurance cover for aviation and special types of liability business placed?

Q. What are the benefits of group underwriting arrangements and pooling arrangements for small and medium-sized companies?

Q. What is the percentage of the reinsurance premium in life business in India?

Q. What is the purpose of Keyman insurance?

Q. What is accumulation in insurance?

Q. Why is accumulation control essential in insurance?

Q. ABC Company is seeking insurance for its tanker, an ocean going vessel. ABC Company will have to seek insurance under ___________

Q. What is the primary objective of quota-share and surplus treaties in fire reinsurance?

Q. What is covered under property reinsurance contracts?

Q. Which of the following is a class of property insurance?

Q. Which type of treaty programme is well suited for fire insurance business?

Q. What is the main focus of Property Reinsurance?

Q. What are the principal classes of property insurance?

Q. What is the benefit of using proportional treaties in fire insurance business?

Q. What is the primary objective of quota-share and surplus treaties in fire insurance?

Q. What is the purpose of setting up a table of limits?

Q. Why is it necessary for an insurer to avail of excess of loss covers in fire insurance business?

Recommended Subjects

Are you eager to expand your knowledge beyond IC85 Reinsurance Management? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!