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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Commercial Automobile Insurance- Garage and fleet exposures
- Commercial auto policy forms and coverages
Commercial General Liability Insurance- Legal perspective and liability exposures
- CGL policy structure, coverages, and endorsements
Specialty Insurance Lines- Crime Insurance and Fidelity Coverage
- Surety Bonds
- Ocean Marine and Aviation Insurance
Risk Management and Underwriting- Risk identification and assessment
- Loss control and risk mitigation strategies
- Commercial underwriting principles

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q10-Q15):

NEW QUESTION # 10
A bill of lading serves three (3) purposes. What are those purposes? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A bill of lading serves as:
1. A contract of carriage between the shipper and carrier.
2. A receipt for the goods shipped.
3. A document of title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Bill of Lading, reference p. 4-6.


NEW QUESTION # 11
DEFINE: SURETY (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
The surety is the party that guarantees the principal will fulfill an obligation to the obligee. If the principal defaults, the surety may have to perform or pay according to the bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: principal, obligee and surety.


NEW QUESTION # 12
From a risk management perspective, every loss exposure has three dimensions. What are the three (3) dimensions? (1 mark)

Answer: B

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 # 13
When considering the interaction of loss frequency and loss severity with the Prouty Approach, if the loss severity is significant and the loss frequency is almost nil, how should the loss be financed? (1 mark)

Answer: D

Explanation:
Comprehensive Explanation: Under the Prouty Approach, a loss with significant severity but an almost nil frequency is normally retained. The event is unlikely to occur often enough to justify transferring every such exposure, provided the organization can financially absorb the loss.
Reference: CAIB 3 Training & Study Pack - Risk Management: Prouty Approach, frequency/severity matrix and risk financing.


NEW QUESTION # 14
A) When reinsurance is applied, who is considered the primary insurer? (1 mark) B) What term is used to describe the primary insurer? (1 mark) C) Who is the reinsurer? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) The primary insurer is the insurance company that issued the original policy to the insured.
B) The primary insurer is called the cedent or ceding company.
C) The reinsurer is the insurance company that accepts the risk transferred by the cedent.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company and reinsurer.


NEW QUESTION # 15
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