MARINE INSURANCE

1. A principle in marine insurance requiring both parties to disclose all material facts truthfully.
6. A marine insurance contract is primarily a contract of __________.
9. Loss where repair costs exceed the value of the subject matter, allowing abandonment.
11. Premium method based on claim history, rewarding low claims with reduced rates.
13. The insured must have a legal right or interest in the subject matter.
14. Expenses incurred voluntarily to minimize damage but borne only by the person who incurred them.
15. A marine insurance policy covering a specific journey between two ports.

2. A structured premium method adjusting a base rate according to favorable or adverse conditions.
3. Policy type that provides automatic coverage for shipments within a specified period and limit.
4. A premium calculation method where a fixed percentage is charged regardless of risk factors.
5. A policy that covers inland transport, sea voyage, and delivery to the final warehouse.
7. Loss that affects only a specific part of the cargo, not shared by all parties.
8. A type of loss where property is completely destroyed or lost, leaving nothing to recover.
10. The right acquired by an insurer to recover compensation from third parties after paying the insured.
12. The risk of voluntary sacrifice, such as jettison, where loss is shared by all stakeholders.