Since our childhood, we have always been guided to study hard to clear the IBABC CAIB-3 exams but if you still believe in the same pattern for clearing your Canadian Accredited Insurance Broker (CAIB 3) Exam CAIB-3 certification exam, I must say it's a bad idea. Studying hard is good only when you have enough time and no liability to check. When you are in your professional career, you don't have enough time to study hard but you have time to study smart. The smart study includes to prepare Exam4PDF CAIB-3 Exam Questions that will help you concentrate on the core study and not follow up on the stories and background.
| Section | Objectives |
|---|---|
| Specialty Insurance Lines | - Crime Insurance and Fidelity Coverage - Surety Bonds - Ocean Marine and Aviation Insurance |
| Risk Management and Underwriting | - Loss control and risk mitigation strategies - Risk identification and assessment - Commercial underwriting principles |
| Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
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NEW QUESTION # 42
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 # 43
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 # 44
All of the following are differences between Directors' and Officers' Liability insurance and other types of liability insurance, EXCEPT ONE. Identify the EXCEPTION. (1 mark)
Answer: C
Explanation:
Comprehensive Explanation: In the D & O wording being tested, defence costs are included within and reduce the policy limit rather than being paid in addition to the limit. The application forming part of the policy and the insurer's right to associate in the defence are also features that must be reviewed in D & O coverage. Therefore D is the exception.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: defence costs, application and defence provisions.
NEW QUESTION # 45
A) Which of the following coverages is for paying, "all amounts that you are legally obligated to pay to a person, other than a passenger, for bodily injury or property damage" arising out of the "use, ownership, or maintenance of the aircraft?" Please provide the full name. (1 mark) B) Provide two (2) examples of what this coverage can be extended to include? (2 marks) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Liability Coverage - Bodily Injury and Property Damage to Third Parties.
B) Two examples of extensions are:
1. Damage to aircraft hangars or premises leased or occupied by the insured.
2. Emergency service expenses, such as runway foaming, fire/crash rescue or search and rescue.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Third-Party Bodily Injury and Property Damage Liability and extensions.
NEW QUESTION # 46
The products/completed operations liability coverage is special because it recognizes the unique risks of the aviation industry.
A) What are the two (2) types of businesses/services that are covered by this? (2 marks) B) Why is it essential for brokers to determine if this coverage is needed? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) It is mainly needed by:
1. Businesses that manufacture or sell aircraft or aircraft parts.
2. Businesses that repair, service or maintain aircraft.
B) It is important because a claim may happen after the product has been sold or after the work has been completed, so the broker must make sure this exposure is properly covered.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Products/Completed Operations Liability.
NEW QUESTION # 47
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