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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Risk Management and Underwriting- Loss control and risk mitigation strategies
- Commercial underwriting principles
- Risk identification and assessment
Topic 2: Commercial Automobile Insurance- Commercial auto policy forms and coverages
- Garage and fleet exposures
Topic 3: Specialty Insurance Lines- Surety Bonds
- Crime Insurance and Fidelity Coverage
- Ocean Marine and Aviation Insurance
Topic 4: Commercial General Liability Insurance- CGL policy structure, coverages, and endorsements
- Legal perspective and liability exposures

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q41-Q46):

NEW QUESTION # 41
What can be done to avoid coverage gaps when dealing with silent cyber exposures? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. Review existing policies to see where cyber coverage is unclear or silent.
2. Use clear wording or endorsements to show whether cyber losses are covered or excluded.
3. Purchase and coordinate a separate cyber policy for exposures that are not clearly covered elsewhere.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: silent cyber and coordination of coverage.


NEW QUESTION # 42
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: A custodian includes the insured, a partner of the insured, or an authorized employee who has care and custody of the insured property. A guard, janitor or watchman is not treated as a custodian for this coverage.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Inside/Outside Robbery and the definition of custodian.


NEW QUESTION # 43
A) Name two (2) major types of inland marine coverages written today. (2 marks) B) What is an example of another inland marine policy coverage written to handle expensive and unique property situations? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Two major inland marine coverages are:
1. Property being transported.
2. Buildings under construction (Builder's Risk).
B) Fine Arts coverage is an example of inland marine insurance for expensive or unique property.
Reference: CAIB 3 Training & Study Pack - Marine/Inland Marine: transportation, Builder's Risk and floaters for valuable property.


NEW QUESTION # 44
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 # 45
Name and explain where judicial bonds are filed. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Judicial bonds are bonds required in connection with court proceedings. Depending on the matter, they may be filed with:
1. A probate court - usually for fiduciary matters such as estates, guardians or trustees.
2. A court of equity - usually for court actions involving plaintiffs or defendants.
The two broad classes of judicial bonds are Court Bonds and Fiduciary Bonds.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Judicial Bonds: Court Bonds and Fiduciary Bonds.


NEW QUESTION # 46
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