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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Specialty Insurance Lines | - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage - Surety Bonds |
| Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Risk Management and Underwriting | - Commercial underwriting principles - Loss control and risk mitigation strategies - Risk identification and assessment |
| Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
All of the following are differences between Directors' and Officers' Liability insurance and other types of liability insurance, EXCEPT ONE. Identify the EXCEPTION. (1 mark)
- A. Defence costs are included in addition to the limit.
- B. Defence costs are included with the limit.
- C. The right to associate with the defence.
- D. The application forms part of the policy.
Correct Answer: A 🗳️
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What three (3) losses are the typical reasons for a net income loss exposure? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Three common reasons for a net income loss exposure are:
1. Business interruption.
2. Contingent business interruption.
3. Loss of profit on finished goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, Net Income Loss Exposure, reference p. 6-3.
Name and explain where judicial bonds are filed. (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Judicial bonds are bonds required in connection with court proceedings. Depending on the matter, they may be filed with:
1. A probate court - usually for fiduciary matters such as estates, guardians or trustees.
2. A court of equity - usually for court actions involving plaintiffs or defendants.
The two broad classes of judicial bonds are Court Bonds and Fiduciary Bonds.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Judicial Bonds: Court Bonds and Fiduciary Bonds.
What can be done to avoid coverage gaps when dealing with silent cyber exposures? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
1. Review existing policies to see where cyber coverage is unclear or silent.
2. Use clear wording or endorsements to show whether cyber losses are covered or excluded.
3. Purchase and coordinate a separate cyber policy for exposures that are not clearly covered elsewhere.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: silent cyber and coordination of coverage.
A) Name two (2) major types of inland marine coverages written today. (2 marks) B) What is an example of another inland marine policy coverage written to handle expensive and unique property situations? (1 mark) (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
A) Two major inland marine coverages are:
1. Property being transported.
2. Buildings under construction (Builder's Risk).
B) Fine Arts coverage is an example of inland marine insurance for expensive or unique property.
Reference: CAIB 3 Training & Study Pack - Marine/Inland Marine: transportation, Builder's Risk and floaters for valuable property.
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