Our IBABC CAIB-3 practice exam also provides users with a feel for what the real IBABC CAIB-3 exam will be like. Both Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) practice exams are the same as the Actual CAIB-3 Test and give candidates the experience of taking the real Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) exam. These CAIB-3 practice tests can be customized according to your needs.
| Section | Objectives |
|---|---|
| Reinsurance | |
| Surety Bonding | |
| Aviation Insurance | |
| Cyber Insurance | |
| Business Interruption Insurance | |
| Directors' and Officers' Liability Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Crime Insurance | |
| Marine Insurance |
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NEW QUESTION # 19
DEFINE: ROBBERY (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.
NEW QUESTION # 20
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 # 21
DEFINE: EXTENDED REPORTING PERIOD (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
An Extended Reporting Period is extra time after a claims-made policy ends during which a claim can still be reported for an occurrence or wrongful act that happened during the covered period, subject to the policy terms and any retroactive date.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 2 - Claims-Made coverage and Extended Reporting Period, reference p. 2-40.
NEW QUESTION # 22
What are incoterms? Choose the best option below. (1 mark)
Answer: D
Explanation:
Comprehensive Explanation: Incoterms set out responsibilities between buyers and sellers for delivery, transportation, risk and certain costs. They are broader than only loading and offloading, but D is the closest answer provided. Incoterms do not, by themselves, determine legal ownership or title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Incoterms, reference p. 4-2.
NEW QUESTION # 23
DEFINE: OBLIGEE (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
The obligee is the party to whom the principal owes an obligation and the party that receives the protection of the surety bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds, reference p. 5-2.
NEW QUESTION # 24
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