100+ Free III IC-67 Practice Questions

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2026 Statistics

Key Facts: III IC-67 Exam

100

Online MCQs per paper

III Examination Handbook

2 hours

Exam duration

III Examination Handbook

60%

Passing mark (75% Distinction)

III Examination Handbook

Credit points for IC-67

III credit-point system

INR 600

India paper fee (30 credits) w.e.f. 1.4.2026

III Table of Fees

INR 800

Fresh registration (India) w.e.f. 1.4.2026

III Table of Fees

III IC-67 is a 100-question, 2-hour online MCQ paper on Marine Insurance. Passing requires 60% (Distinction from 75%). India paper enrollment for this 30-credit subject is INR 600 w.e.f. 1.4.2026, plus INR 800 registration for fresh candidates (taxes extra).

Sample III IC-67 Practice Questions

Try these sample questions to test your III IC-67 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which of the following is an implied warranty under the Marine Insurance Act, 1963?

A.Seaworthiness of the ship

B.Specific cargo type

C.Number of crew members

D.Navigation route

Explanation: Under Section 41 of the Marine Insurance Act, 1963, in a voyage policy there is an implied warranty that at the commencement of the voyage the ship shall be seaworthy for the purpose of the particular adventure insured.

2In marine insurance, insurable interest must exist:

A.At the time of effecting the policy only

B.At the time of loss

C.Continuously from inception to termination

D.Only when the premium is paid

Explanation: Under Section 8 of the Marine Insurance Act, 1963, the assured must be interested in the subject-matter insured at the time of the loss, though interest need not exist when the insurance is effected.

3What does a 'General Average' act entail?

A.A partial loss affecting only the shipowner

B.Accidental damage to cargo by seawater

C.A voluntary sacrifice made to save the entire venture in peril

D.Total loss of a particular cargo consignment

Explanation: General Average exists when any extraordinary sacrifice or expenditure is voluntarily and reasonably made in a time of peril for the purpose of preserving the property imperiled in the common adventure.

4Which Institute Cargo Clause provides the widest 'All Risks' cover?

A.Institute Cargo Clauses (B)

B.Institute Cargo Clauses (C)

C.Institute Cargo Clauses (FPA)

D.Institute Cargo Clauses (A)

Explanation: Institute Cargo Clauses (A) provides the widest cover, generally on an 'All Risks' basis, subject to specified exclusions.

5Under Institute Cargo Clauses (C), loss caused by which of the following is NOT covered?

A.Earthquake or volcanic eruption

B.Fire or explosion

C.Vessel being stranded

D.Jettison

Explanation: Earthquake, volcanic eruption, and lightning are covered under ICC (B) and ICC (A), but they are excluded from the basic perils listed under ICC (C).

6The term 'Sue and Labour' in a marine policy refers to:

A.Suing the carrier for non-delivery

B.Expenses incurred by the insured to minimize a loss covered by the policy

C.Labour costs for loading cargo

D.Legal fees for drafting the insurance contract

Explanation: The Sue and Labour clause requires the insured to take reasonable measures to avert or minimize a loss, and the insurer will reimburse these reasonable expenses.

7What is the consequence of an unjustified deviation in a marine voyage policy?

A.The insurer must charge an additional premium

B.The policy becomes void ab initio

C.The insurer is discharged from liability from the time of deviation

D.The coverage continues but with a higher deductible

Explanation: Under Section 48 of the Marine Insurance Act, 1963, if a ship unjustifiably deviates from the voyage contemplated by the policy, the insurer is discharged from liability as from the time of deviation.

8Which document acts as a receipt for goods, evidence of a contract of carriage, and a document of title?

A.Commercial Invoice

B.Letter of Credit

C.Certificate of Origin

D.Bill of Lading

Explanation: A Bill of Lading serves three main functions: it is a receipt for the goods, evidence of the contract of carriage, and a document of title to the goods.

9A marine open cover is typically issued for what duration?

A.12 months, subject to cancellation by notice

B.One specific voyage only

C.6 months

D.Indefinitely with no cancellation option

Explanation: An open cover is an agreement to insure all shipments made by the insured during the policy period, typically 12 months, and includes a cancellation clause (often 30 days notice).

10In hull insurance, 'Particular Average' means:

A.A loss shared by all parties in a common maritime adventure

B.A partial loss of the subject matter insured, caused by a peril insured against

C.A total loss of a specific part of the ship

D.Wear and tear over time

Explanation: Particular Average is defined as a partial loss of the subject matter insured (like the hull), which is caused by a peril insured against, and is not a general average loss.

About the III IC-67 Exam

The III IC-67 Marine Insurance exam evaluates candidate understanding of key principles and practical concepts in Marine Insurance. The syllabus encompasses various modules detailed below.

Assessment

100 objective multiple-choice questions in a single online paper. IC-67 is a 30-credit paper under the Insurance Institute of India (III) professional credit system.

Time Limit

2 hours

Passing Score

60% (Distinction at 75% or above)

Exam Fee

INR 600 per subject (30 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees. (Insurance Institute of India (III))

III IC-67 Exam Content Outline

3 questions

Incoterms

Practice questions focusing on incoterms concepts.

3 questions

Exclusions

Practice questions focusing on exclusions concepts.

2 questions

Implied Warranties

Practice questions focusing on implied warranties concepts.

2 questions

General Average

Practice questions focusing on general average concepts.

2 questions

Icc A

Practice questions focusing on icc a concepts.

2 questions

Shipping Documents

Practice questions focusing on shipping documents concepts.

2 questions

Subrogation

Practice questions focusing on subrogation concepts.

2 questions

Perils

Practice questions focusing on perils concepts.

1 questions

Insurable Interest

Practice questions focusing on insurable interest concepts.

1 questions

Icc C

Practice questions focusing on icc c concepts.

1 questions

Sue And Labour

Practice questions focusing on sue and labour concepts.

1 questions

Deviation

Practice questions focusing on deviation concepts.

1 questions

Open Cover

Practice questions focusing on open cover concepts.

1 questions

Particular Average

Practice questions focusing on particular average concepts.

1 questions

Constructive Total Loss

Practice questions focusing on constructive total loss concepts.

1 questions

Transit Clause

Practice questions focusing on transit clause concepts.

1 questions

Terminology

Practice questions focusing on terminology concepts.

1 questions

Documents

Practice questions focusing on documents concepts.

1 questions

Both To Blame

Practice questions focusing on both to blame concepts.

1 questions

Proximate Cause

Practice questions focusing on proximate cause concepts.

1 questions

Policy Types

Practice questions focusing on policy types concepts.

1 questions

Duty Of Assured

Practice questions focusing on duty of assured concepts.

1 questions

Notice Of Abandonment

Practice questions focusing on notice of abandonment concepts.

1 questions

Inchmaree Clause

Practice questions focusing on inchmaree clause concepts.

1 questions

Inherent Vice

Practice questions focusing on inherent vice concepts.

1 questions

Barratry

Practice questions focusing on barratry concepts.

1 questions

Running Down Clause

Practice questions focusing on running down clause concepts.

1 questions

Assignment

Practice questions focusing on assignment concepts.

1 questions

Fpa

Practice questions focusing on fpa concepts.

1 questions

P And I Clubs

Practice questions focusing on p and i clubs concepts.

1 questions

Lost Or Not Lost

Practice questions focusing on lost or not lost concepts.

1 questions

Utmost Good Faith

Practice questions focusing on utmost good faith concepts.

1 questions

Valued Policy

Practice questions focusing on valued policy concepts.

1 questions

Non Disclosure

Practice questions focusing on non disclosure concepts.

1 questions

Classification Clause

Practice questions focusing on classification clause concepts.

1 questions

War Clauses

Practice questions focusing on war clauses concepts.

1 questions

Claims Documents

Practice questions focusing on claims documents concepts.

1 questions

Strikes Clauses

Practice questions focusing on strikes clauses concepts.

1 questions

Waiver Clause

Practice questions focusing on waiver clause concepts.

1 questions

Franchise Vs Deductible

Practice questions focusing on franchise vs deductible concepts.

1 questions

Carrier Liability

Practice questions focusing on carrier liability concepts.

1 questions

General Average Bond

Practice questions focusing on general average bond concepts.

1 questions

Actual Total Loss

Practice questions focusing on actual total loss concepts.

1 questions

Reinsurance

Practice questions focusing on reinsurance concepts.

1 questions

Stranding

Practice questions focusing on stranding concepts.

1 questions

Valuation

Practice questions focusing on valuation concepts.

1 questions

Salvage Charges

Practice questions focusing on salvage charges concepts.

1 questions

Time Policy

Practice questions focusing on time policy concepts.

1 questions

York Antwerp Rules

Practice questions focusing on york antwerp rules concepts.

1 questions

History

Practice questions focusing on history concepts.

1 questions

Claim Types

Practice questions focusing on claim types concepts.

1 questions

Extraneous Risks

Practice questions focusing on extraneous risks concepts.

1 questions

Forwarding Charges

Practice questions focusing on forwarding charges concepts.

1 questions

Double Insurance

Practice questions focusing on double insurance concepts.

1 questions

Fleet Policy

Practice questions focusing on fleet policy concepts.

1 questions

Not To Inure

Practice questions focusing on not to inure concepts.

1 questions

Return Of Premium

Practice questions focusing on return of premium concepts.

1 questions

Bill Of Lading

Practice questions focusing on bill of lading concepts.

1 questions

Reasonable Dispatch

Practice questions focusing on reasonable dispatch concepts.

1 questions

Tlo

Practice questions focusing on tlo concepts.

1 questions

Claim Calculation

Practice questions focusing on claim calculation concepts.

1 questions

Port Risk

Practice questions focusing on port risk concepts.

1 questions

Icc B Vs C

Practice questions focusing on icc b vs c concepts.

1 questions

Perils Of The Sea

Practice questions focusing on perils of the sea concepts.

1 questions

Bailee Clause

Practice questions focusing on bailee clause concepts.

1 questions

Missing Ship

Practice questions focusing on missing ship concepts.

1 questions

Icc Air

Practice questions focusing on icc air concepts.

1 questions

Contingency Insurance

Practice questions focusing on contingency insurance concepts.

1 questions

Express Warranties

Practice questions focusing on express warranties concepts.

1 questions

General Average Contributory Value

Practice questions focusing on general average contributory value concepts.

1 questions

Cancellation

Practice questions focusing on cancellation concepts.

1 questions

Deductible

Practice questions focusing on deductible concepts.

1 questions

Average Adjuster

Practice questions focusing on average adjuster concepts.

1 questions

The Slip

Practice questions focusing on the slip concepts.

1 questions

Proximate Cause Exclusions

Practice questions focusing on proximate cause exclusions concepts.

1 questions

International Conventions

Practice questions focusing on international conventions concepts.

1 questions

Valuation Clause

Practice questions focusing on valuation clause concepts.

1 questions

Terrorism Clause

Practice questions focusing on terrorism clause concepts.

1 questions

Lay Up Returns

Practice questions focusing on lay up returns concepts.

1 questions

Salvage Guarantee

Practice questions focusing on salvage guarantee concepts.

1 questions

Icc A Vermin

Practice questions focusing on icc a vermin concepts.

1 questions

Abandonment

Practice questions focusing on abandonment concepts.

1 questions

Breach Of Warranty

Practice questions focusing on breach of warranty concepts.

1 questions

Held Covered

Practice questions focusing on held covered concepts.

1 questions

Knock For Knock

Practice questions focusing on knock for knock concepts.

1 questions

Insolvency Exclusion

Practice questions focusing on insolvency exclusion concepts.

1 questions

Certificate Of Insurance

Practice questions focusing on certificate of insurance concepts.

1 questions

Subrogation Receipt

Practice questions focusing on subrogation receipt concepts.

1 questions

Ex Gratia

Practice questions focusing on ex gratia concepts.

1 questions

Insurable Interest Definition

Practice questions focusing on insurable interest definition concepts.

How to Pass the III IC-67 Exam

What You Need to Know

Passing score: 60% (Distinction at 75% or above)
Assessment: 100 objective multiple-choice questions in a single online paper. IC-67 is a 30-credit paper under the Insurance Institute of India (III) professional credit system.
Time limit: 2 hours
Exam fee: INR 600 per subject (30 credit points) for India candidates; fresh candidates also pay INR 800 registration (inclusive of life membership). Taxes extra. Fees w.e.f. 1.4.2026 per III Table of Fees.

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

III IC-67 Study Tips from Top Performers

1Study the official III IC-67 coursebook chapter by chapter before mixed mocks.

2Review the core regulations and guidelines relating to this paper.

3Sit full 100-question, 2-hour mocks aiming above 60%, with Distinction practice at 75%+.

Frequently Asked Questions

How many questions are on the III IC-67 exam?

The III objective papers, including IC-67, consist of 100 multiple-choice questions completed in 2 hours online.

What is the IC-67 passing score?

Passing marks for III online MCQ papers are 60% or above. Candidates scoring at least 75% earn Distinction in that subject.

How many credit points does IC-67 carry?

This paper (IC-67) carries 30 credit points under the Insurance Institute of India credit system.

100+ Free III IC-67 Practice Questions

Explore More Insurance Institute of India (III) Licentiate Papers

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III IC-104 Products of Life Insurance

III IC-11 Practice of General Insurance

Key Facts: III IC-67 Exam

Sample III IC-67 Practice Questions

About the III IC-67 Exam

III IC-67 Exam Content Outline

How to Pass the III IC-67 Exam

What You Need to Know

Keys to Passing

III IC-67 Study Tips from Top Performers

Frequently Asked Questions