The CAIB-3 latest question from our company can help people get their CAIB-3 certification in a short time. If you want to get the CAIB-3 certification to improve your life, we can tell you there is no better alternative than our CAIB-3 exam questions. The CAIB-3 test torrent also offer a variety of learning modes for users to choose from, which can be used for multiple clients of computers and mobile phones to study online, as well as to print and print data for offline consolidation. Our product is affordable and good, if you choose our products, we can promise that our CAIB-3 Exam Torrent will not let you down.
| Section | Objectives |
|---|---|
| Topic 1: Cyber Insurance | |
| Topic 2: Reinsurance | |
| Topic 3: Risk Assessment for Advanced Commercial Risks | |
| Topic 4: Aviation Insurance | |
| Topic 5: Marine Insurance | |
| Topic 6: Directors' and Officers' Liability Insurance | |
| Topic 7: Crime Insurance | |
| Topic 8: Surety Bonding | |
| Topic 9: Business Interruption Insurance |
VCEPrep IBABC CAIB-3 exam materials contain the complete unrestricted dump. So with it you can easily pass the exam. VCEPrep IBABC CAIB-3 exam training materials is a good guidance. It is the best training materials. You can use the questions and answers of VCEPrep IBABC CAIB-3 Exam Training materials to pass the exam.
NEW QUESTION # 10
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
Answer: A
Explanation:
Comprehensive Explanation: Reinsurance is a contract between the primary insurer (cedent) and the reinsurer. The original insured is normally not a party to that contract and usually has no direct involvement with the reinsurer. The primary insurer remains responsible to the insured under the original policy.
Reference: CAIB 3 Training & Study Pack - Reinsurance: relationship between insured, cedent and reinsurer.
NEW QUESTION # 11
Provide three (3) examples of miscellaneous bonds. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Three examples of miscellaneous bonds are:
1. Customs and Excise Bond.
2. Lost Document Bond.
3. Consignment Bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: Miscellaneous Bonds.
Other examples include Utility Payment and Land Restoration Bonds.
NEW QUESTION # 12
What is the name of the bond that protects governments in the event that duties and taxes collected by the principal are not remitted to the government? (1 mark)
Answer: B
Explanation:
Comprehensive Explanation: A Customs and Excise Bond guarantees that the principal will comply with the applicable tax and customs requirements, including payment or remittance of duties and taxes owed to the government.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Miscellaneous Bonds: Customs and Excise Bonds.
NEW QUESTION # 13
From a risk management perspective, every loss exposure has three dimensions. What are the three (3) dimensions? (1 mark)
Answer: C
Explanation:
Comprehensive Explanation: CAIB risk management analyzes a loss exposure by looking at the type of value exposed, the peril that could cause the loss, and the possible financial consequences. Frequency and severity are important later when the financial consequences are analyzed, but they are not the three dimensions asked for here.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, loss exposure dimensions, reference p. 6-3.
NEW QUESTION # 14
Your travel agent, Wanda Off, is concerned about the loss of business that might result if her building were to be destroyed by a fire or major storm.
A) Upon your recommendation, Wanda agreed to purchase the Extra Expense Endorsement Form. State the purpose of this coverage form and provide an example of an expense insured. (2 marks) B) Wanda purchased $20,000 coverage under a 40/70/90/100% form. She had a fire loss this past winter but was able to resume operations at alternative premises until her building was repaired 80 days later. What would the insurer's maximum liability have been in this situation? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) The Extra Expense Endorsement pays necessary extra costs to keep the business operating as normally as possible after an insured loss. An example would be the cost of renting temporary office space while the damaged premises are being repaired.
B) The business operated at temporary premises for 80 days, so the 90% limit applies. $20,000 x 90% =
$18,000. The insurer's maximum liability is $18,000.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Extra Expense Endorsement and monthly
/period limitation.
NEW QUESTION # 15
......
Some sites provide IBABC CAIB-3 Exam study materials on the Internet, but they do not have any reliable guarantee. Let me be clear here a core value problem of VCEPrep. All IBABC exams are very important. In this era of rapid development of information technology, VCEPrep just questions provided by one of them. Why do most people choose VCEPrep? This is because the exam information provided by VCEPrep will certainly be able to help you pass the exam. Why? Because it provides the most up-to-date information, which is the majority of candidates proved by practice.
CAIB-3 Exam Question: https://www.vceprep.com/CAIB-3-latest-vce-prep.html