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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Crime Insurance
Topic 2: Reinsurance
Topic 3: Directors' and Officers' Liability Insurance
Topic 4: Marine Insurance
Topic 5: Aviation Insurance
Topic 6: Surety Bonding
Topic 7: Risk Assessment for Advanced Commercial Risks
Topic 8: Business Interruption Insurance
Topic 9: Cyber Insurance

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CAIB-3 - Canadian Accredited Insurance Broker (CAIB 3) Exam Updated Examcollection Dumps Torrent

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q20-Q25):

NEW QUESTION # 20
DEFINE: PARTICULAR AVERAGE (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Particular average is a partial loss to a specific marine shipment caused by an insured peril, other than a General Average loss.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance, Particular Average, reference p. 4-16.
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NEW QUESTION # 21
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: For cyber business interruption, the restoration period can end when systems are actually restored, when they should reasonably have been restored, or when the maximum time period stated in the policy is reached. The earliest applicable point normally controls, so D is the best answer.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: business interruption and period of restoration.


NEW QUESTION # 22
What are three (3) of the primary insurer's needs that can be satisfied through reinsurance? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Three needs that reinsurance can satisfy are:
1. Increase the insurer's underwriting capacity.
2. Protect the insurer against large or catastrophic losses.
3. Stabilize the insurer's loss results from year to year.
Reference: CAIB 3 Training & Study Pack - Reinsurance: capacity, catastrophe protection and stabilization.


NEW QUESTION # 23
What governs the liability of aircraft owners and operators? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: The legal liability of aircraft owners and operators is generally determined by the principles of negligence. Deductibles, endorsements and the type of aircraft use affect insurance coverage, but they do not establish the basic legal responsibility for causing injury or property damage.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: aircraft liability and negligence.


NEW QUESTION # 24
A) What is a third-party cyber event? Provide an example. (2 marks)
B) What is an example of a third-party cyber loss? (1 mark)
(3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) A third-party cyber event is a cyber incident involving the insured that causes harm or loss to another person or organization. Example: a hacker steals customers' personal information from the insured's computer system.
B) An example of a third-party cyber loss is legal defence costs or damages from a customer lawsuit after a privacy breach.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: third-party events and cyber liability losses.


NEW QUESTION # 25
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