Question

What is the difference between the problems of reinsurance for ocean-going vessels and local crafts?

a.

Reinsurers are more particular about controlling the rating or claims processing of local crafts

b.

Reinsurers are more particular about controlling the rating or claims processing of ocean-going vessels

c.

Reinsurers are not concerned with controlling the rating or claims processing of either ocean-going vessels or local crafts

d.

There is no difference in the problems of reinsurance for these two classes of vessels

Answer: (b).Reinsurers are more particular about controlling the rating or claims processing of ocean-going vessels Explanation:The problems of reinsurance are different for these two classes of vessels. While reinsurers are not that particular to control the rating or claims processing of local crafts, they are keen to look into these aspects for the larger vessels.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the difference between the problems of reinsurance for ocean-going vessels and local crafts?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the Joint Hull Formula?

Q. What is the major difference between marine insurance and most other non-life classes of insurance?

Q. Why does a marine underwriter depend on good faith on the part of others?

Q. What are the two broad categories of hull insurance?

Q. What is the accumulation of risk in marine cargo insurance?

Q. What is the insurer concerned with in reinsurance for marine cargo?

Q. Why is a breakdown of the premium by the age and size of the vessels carrying the cargo important?

Q. What issue did cargo reinsurers face in regards to war risk cover in the last decade?

Q. What was the solution to the increased rates and reinstatement terms for war risk cover?

Q. What is the fundamental difference between the way a marine surplus functions and the way a property surplus functions?

Q. What is the significance of reinsurance in aviation insurance?

Q. What is the problem of accumulation of risk in aviation insurance?

Q. What is the nature of the aviation insurance market?

Q. What is the purpose of combining hull and liability policies in aviation insurance?

Q. What is aviation reinsurance?

Q. What percentage of any aircraft is usually reinsured?

Q. What is the main problem with accumulation of risk in aviation insurance?

Q. What is the main form of coverage for airline risks?

Q. What are the general exclusions that reinsurers make for proportional treaties in aviation insurance?

Q. What is the annualized basis of life insurance exceeding economic growth in emerging markets over the last 20 years?

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!