Which of the Following Statements About Ocean Marine Insurance Is

question 7

Multiple Choice

Which of the following statements about ocean marine insurance is true?

• A)The coverage is narrow and excludes perils of the sea.
• B)Hull insurance includes collision liability covering the ship's owner if the ship collides with another ship.
• C)Protection and indemnity (P&I)insurance covers the shipper of goods for cargo losses.
• D)A particular average loss is a loss incurred only if a ship is totally lost or destroyed.

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Definitions:

Gantt Schedule Chart

A type of bar chart that illustrates a project schedule, showing the start and finish dates of the various components and elements of a project.

Monitoring Jobs

Involves the continuous observation and tracking of job progress and performance to ensure that it aligns with planned objectives and schedules.

Process Aid

denotes tools, materials, or information used to support and streamline operational processes, enhancing efficiency and effectiveness in production or administrative tasks.

Constant Work-In-Process

A production strategy aimed at limiting the amount of unfinished goods in the production process to reduce lead times and increase quality.