Multiple choice

A marine insurance policy where only the amount of claim is specified and all other details are omitted is known as

  1. valued policy

  2. port risk policy

  3. floating policy

  4. mixed policy
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Floating policy is a marine insurance policy where only the amount of claim is specified and all other details are omitted till the time the ship embarks on its journey. For clients who undertake frequent trips of cargo transportation through waters, this is the most ideal and feasible marine insurance policy.

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