100+ Free IRDAI Surveyor Marine Cargo (S-03) Practice Questions

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2026 Statistics

Key Facts: IRDAI Surveyor Marine Cargo (S-03) Exam

60%

Pass Mark

III surveyor pre-licensing exam info

S-03

Marine Cargo Paper Code

III surveyor subject mapping to IC-60

~₹500

Fee per Subject

III published fee schedule (+ GST)

60 Days

Post-Discharge Cover Limit

Institute Cargo Clauses Transit Clause

₹50 Lakh

Ombudsman Award Limit

Insurance Ombudsman Rules 2023 amendment

12 Months

Practical Training Period

IRDAI Surveyor Regulations

III conducts IRDAI surveyor pre-licensing online MCQs (~quarterly) with 60% pass. Marine Cargo candidates take S-03 (IC-60) plus compulsory S-01. Fees are commonly ~₹500 registration + ~₹500/subject + GST. Practice here targets ICC covers, GA/PA adjustment, and cargo survey practice.

Sample IRDAI Surveyor Marine Cargo (S-03) Practice Questions

Try these sample questions to test your IRDAI Surveyor Marine Cargo (S-03) exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Institute Cargo Clauses (A), which of the following risks is covered?

A.Malicious damage

B.Inherent vice

C.Ordinary leakage

D.Insufficiency of packing

Explanation: Institute Cargo Clauses (A) is an 'All Risks' cover, meaning it covers all fortuitous losses not specifically excluded. Malicious damage is not excluded under ICC (A), whereas it is explicitly excluded under ICC (B) and (C). Inherent vice, ordinary leakage, and insufficiency of packing are standard exclusions in all three clauses.

2Which of the following perils is covered under the Institute Cargo Clauses (B) but NOT under the Institute Cargo Clauses (C)?

A.Washing overboard

B.Jettison

C.Fire or explosion

D.Vessel being stranded or grounded

Explanation: Washing overboard is specifically covered under ICC (B) but is not included in the limited named perils of ICC (C). Jettison, fire/explosion, and stranding/grounding are covered under both ICC (B) and ICC (C).

3In inland transit within India, which clause provides 'All Risks' cover analogous to the maritime ICC (A)?

A.Inland Transit Clause (A)

B.Inland Transit Clause (B)

C.Inland Transit Clause (C)

D.Inland Transit All Perils Clause

Explanation: Inland Transit Clause (A) (ITC-A) is the 'All Risks' cover for inland transit in India. It covers all risks of physical loss or damage to the insured goods during transit, subject to standard exclusions.

4The risk of 'Entry of sea, lake or river water into vessel, craft, hold, conveyance, container or place of storage' is covered under which clauses?

A.ICC (A) and ICC (B) only

B.ICC (A) only

C.ICC (A), (B), and (C)

D.ICC (B) and ICC (C) only

Explanation: Entry of sea, lake, or river water is covered under ICC (A) (via its 'All Risks' nature) and is explicitly named in ICC (B). It is not covered under ICC (C), which only covers catastrophic events like stranding, sinking, or fire.

5Which of the following occurrences is covered under the Institute Cargo Clauses (C)?

A.Jettison

B.Washing overboard

C.Earthquake, volcanic eruption or lightning

D.Total loss of package dropped during loading

Explanation: Jettison (throwing cargo overboard to save the vessel) is covered under ICC (C). Washing overboard, earthquake/volcanic eruption/lightning, and package dropped during loading are covered under ICC (B) and (A) but excluded under ICC (C).

6Which marine insurance policy form is designed to cover a continuous flow of shipments over a period (typically 12 months) where the insured is required to declare all shipments, and the policy remains open up to a specified total sum insured?

A.Open Policy

B.Voyage Policy

C.Time Policy

D.Valued Policy

Explanation: An Open Policy is issued to cover multiple shipments over a period (usually one year) up to a specified total limit on sum insured. The insured declares each shipment as it occurs, which gradually reduces the available sum insured until it is fully declared or the policy expires.

7What is the primary function of 'Duty Insurance' in Indian marine cargo import transactions?

A.To cover customs duty paid or payable on imported goods in the event of cargo damage, which is assessed on arrival in India

B.To cover the statutory liability of the importer to the customs department

C.To cover port demurrage and container detention charges

D.To insure the shipping line against non-payment of freight charges

Explanation: Duty Insurance is an auxiliary cover taken by importers to cover the customs duty paid or payable to the Government of India. If goods arrive in a damaged condition, the customs department may still levy duty, and this policy compensates the importer for the duty component corresponding to the loss.

8Under the Inland Transit Clause (B) in India, which of the following risks is covered?

A.Collision or overturning of the land conveyance

B.Rainwater damage

C.Theft, pilferage, and non-delivery (TPND)

D.Inherent vice of the cargo

Explanation: Inland Transit Clause (B) is a named-perils policy that covers loss or damage caused by specific events, including collision, derailment, or overturning of the land conveyance, fire, and lightning. Rainwater and theft require ITC (A) or specific add-on endorsements.

9Under the Institute Cargo Clauses, the total loss of any package lost overboard or dropped whilst loading on to, or unloading from, a vessel or craft is covered under which of the following?

A.ICC (A) and ICC (B) only

B.ICC (A) only

C.ICC (A), (B), and (C)

D.ICC (B) and ICC (C) only

Explanation: The total loss of a package lost overboard or dropped during loading or unloading is covered under ICC (A) (all risks) and ICC (B) (specifically named peril). It is excluded under the restricted named perils of ICC (C).

10What is the purpose of taking an 'Increased Value Insurance' policy in marine cargo trades?

A.To cover the difference when the destination market value of the goods is higher than the original insured value

B.To increase the policy limits for third-party liability claims

C.To cover fluctuations in currency exchange rates during transit

D.To pay for expedited shipping of replacement goods after a loss

Explanation: Increased Value Insurance is designed to cover the difference when the destination market value of the cargo turns out to be higher than the value insured under the main policy. In the event of a loss, the main policy pays its share, and the Increased Value policy pays the additional amount.

About the IRDAI Surveyor Marine Cargo (S-03) Exam

The IRDAI Surveyor & Loss Assessor Marine Cargo paper (S-03) is the specialised pre-licensing examination for candidates seeking Marine Cargo department authorisation. Study material aligns with IC-60 Marine Insurance Claims: Institute Cargo Clauses (A/B/C) and Inland Transit Clauses, transit risk assessment, General Average and Particular Average adjustments, cargo inspection and survey methodologies (like draft/ullage surveys), cargo claim conditions, legal aspects of marine insurance, and redressing consumer/ombudsman grievances. The online MCQ exam is conducted by III with a 60% passing score.

Assessment

Department paper S-03 Marine Cargo Insurance (IC-60 Marine Insurance Claims). Candidates also require compulsory S-01. Practice weights: Marine Cargo Policy Covers 25%, Cargo Claims Assessment 25%, Survey Practice 20%, Conditions/Warranties/Exclusions 15%, Principles/Legal/Redressal 15%.

Time Limit

As per III online slot booking (confirm current duration when scheduling)

Passing Score

60% (60/100)

Exam Fee

~₹500 per subject + GST exam fee, and ~₹500 registration fee for fresh candidates (Insurance Institute of India (III) on behalf of IRDAI)

IRDAI Surveyor Marine Cargo (S-03) Exam Content Outline

25%

Marine Cargo Policy Covers

Institute Cargo Clauses A/B/C, transit risks, inland transit covers, and duty/increased value policies

25%

Cargo Claims Assessment

General Average, Particular Average, total/partial loss, salvage, sue and labor, and underinsurance average clause calculations

20%

Survey Practice

Cargo inspection, draft and ullage surveys, joint/tally surveys, cause of loss analysis, and carrier recovery evidence

15%

Conditions, Warranties & Exclusions

Transit clause duration limits, standard exclusions (delay, packing, insolvency), and promissory warranties

15%

Principles, Legal & Redressal

Insurable interest timing, utmost good faith, proximate cause, statutory Acts, and Ombudsman rules (₹50 lakh limit)

How to Pass the IRDAI Surveyor Marine Cargo (S-03) Exam

What You Need to Know

Passing score: 60% (60/100)
Assessment: Department paper S-03 Marine Cargo Insurance (IC-60 Marine Insurance Claims). Candidates also require compulsory S-01. Practice weights: Marine Cargo Policy Covers 25%, Cargo Claims Assessment 25%, Survey Practice 20%, Conditions/Warranties/Exclusions 15%, Principles/Legal/Redressal 15%.
Time limit: As per III online slot booking (confirm current duration when scheduling)
Exam fee: ~₹500 per subject + GST exam fee, and ~₹500 registration fee for fresh candidates

Keys to Passing

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

IRDAI Surveyor Marine Cargo (S-03) Study Tips from Top Performers

1Memorise the exact perils covered under ICC (B) but excluded in ICC (C), such as washing overboard and entry of water.

2Understand General Average principles: sacrifices must be voluntary, extraordinary, and made in imminent danger to save the venture.

3Practice Particular Average calculations using: (Sound Value - Damaged Value) / Sound Value to get the depreciation percentage, then apply it to the Sum Insured.

4Study draft surveying methods for dry bulk (water displacement calculations) and ullage measurements for liquid tankers.

5Know the transit durations limits: 60 days post-discharge for sea cargo, 30 days for air, and 7 days for inland transit wagon/conveyance arrival.

6Be clear on legal aspects: insurable interest must exist at the time of loss, carrier claims must be filed within statutory limits (e.g., 1 year under COGSA, 180 days for road), and know the ₹50 lakh Ombudsman limit.

Frequently Asked Questions

What is the IRDAI Surveyor Marine Cargo exam?

It is the Insurance Institute of India pre-licensing online MCQ paper S-03 Marine Cargo Insurance (aligned to IC-60 Marine Insurance Claims) required for Marine Cargo department surveyor licensing under IRDAI, taken alongside compulsory S-01.

What is the passing score for the surveyor exam?

Candidates must secure a minimum of 60% (60 marks out of 100) on each online MCQ paper (S-01 and the S-03 departmental paper) to qualify.

How much does the surveyor exam cost?

Fresh candidates pay ~₹500 one-time registration plus ~₹500 per subject exam fee, plus applicable GST. Verify current tariffs directly on the Insurance Institute of India portal.

How often is the exam held?

The online examinations are conducted quarterly (March, June, September, and December) at authorised III testing centres across India.

What is the syllabus of the S-03 Marine Cargo exam?

The syllabus follows the III IC-60 Marine Insurance Claims course, covering ICC clauses (A, B, C), Inland Transit Clauses, General/Particular Average adjustments, salvage calculations, draft/ullage surveys, and legal/regulatory frameworks.

Who is eligible to become a Marine Cargo surveyor?

Eligibility criteria under IRDAI Regulations Schedule-I require trainee surveyor enrolment, completing 12 months of practical training under a licensed surveyor, and academic/technical degrees (like engineering, CA/CMA, or III qualifications).

What is the limit for the Insurance Ombudsman in India?

Following the November 2023 amendment to the Insurance Ombudsman Rules, the compensation limit that the Ombudsman can award is ₹50 lakh (increased from the previous ₹30 lakh limit).

Do I need to pass the S-01 exam too?

Yes. Every candidate must pass the compulsory S-01 paper (Principles and Practice of Insurance and Survey and Loss Assessment) in addition to their chosen departmental subject paper (like S-03 Marine Cargo).

100+ Free IRDAI Surveyor Marine Cargo (S-03) Practice Questions

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