Well-Prepared CAIB-3 Reliable Exam Topics & Leader in Certification Exams Materials & Verified CAIB-3 Latest Mock Test

The IBABC CAIB-3 certification exam is one of the top-rated career booster certifications in the market. This Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) certification offers a great opportunity for IBABC aspirants to validate their skills and knowledge. By doing this they can gain several personal and professional benefits. These CAIB-3 Certification benefits help them not only prove their expertise but also enable them to gain multiple career opportunities in the highly competitive market.

IBABC CAIB-3 Exam Syllabus Topics:

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

>> CAIB-3 Reliable Exam Topics <<

CAIB-3 Latest Mock Test & CAIB-3 Certification Questions

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q35-Q40):

NEW QUESTION # 35
Your client chartered a boat to transport some goods. While parked at the terminal overnight, some thieves went aboard and stole some cargo. Upon investigation, it looks like the terminal's security was negligent, allowing the thieves to easily enter the premises.
A) Which liability insurance will cover this loss? (1 mark)
B) Your client is adamant that they should not be responsible. They want to sue - who can they hold responsible? (1 mark) C) Which liability insurance will protect against this litigation? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Charterer's Legal Liability can protect the charterer for legal liability arising from the chartered vessel.
B) The terminal operator can be held responsible if its negligent security caused or contributed to the theft.
C) Terminal Operator's Legal Liability insurance can protect the terminal operator against this type of liability claim.
Reference: CAIB 3 Training & Study Pack - Marine Insurance: charterers' liability and terminal operators' legal liability.


NEW QUESTION # 36
Does employee dishonesty coverage apply if the insured can not identify the employee responsible? Why or why not? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Yes, coverage can still apply even if the exact employee cannot be identified. The insured must be able to prove that the loss was caused by the dishonest act of one or more employees. An unexplained inventory shortage by itself may not be enough proof.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Employee Dishonesty and proof of loss.


NEW QUESTION # 37
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 # 38
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 # 39
Your client has hired his cousin as an employee. Several years ago, this cousin was charged and convicted of fraud, and your client feels that they should assist the cousin's return to the workforce. Are there any implications from the fraud conviction under the Comprehensive 3D policy? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Yes. Employee dishonesty coverage normally does not apply to an employee once the insured knows that the employee has committed a dishonest or fraudulent act. Since the client already knows about the cousin's fraud conviction, a dishonesty loss caused by the cousin would normally not be covered unless the insurer specifically agrees to cover that employee. The conviction should be disclosed to the insurer.
Reference: CAIB 3 Training & Study Pack - Crime Insurance/Comprehensive 3D: termination of employee dishonesty coverage after known dishonest acts.


NEW QUESTION # 40
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