Historically, which of the following statements regarding Ocean Marine Insurance is correct?

Marine insurance rates are not typically subject to strict approval regulations like those seen in other lines of insurance, such as health or auto insurance. Instead, marine insurers have more flexibility in determining their rates based on the risks involved, leading to competitive pricing practices in the market.

While some marine policies may use standard forms, the majority are custom-written to address the unique requirements of each insured party. This approach allows insurers to better manage specific risks associated with maritime operations, rather than relying on generic terms that may not adequately cover all aspects of the insured's situation.

Unlike some other types of insurance, the forms used for marine insurance do not usually require regulatory approval in most jurisdictions. The flexibility inherent in marine insurance allows for a variety of forms and endorsements to be utilized without the need for prior approval, supporting the customization of policies.