Pass Guaranteed Quiz CAIB-3 - Newest Interactive Canadian Accredited Insurance Broker (CAIB 3) Exam Practice Exam

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IBABC CAIB-3 Exam Syllabus Topics:

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

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Free PDF 2026 Professional CAIB-3: Interactive Canadian Accredited Insurance Broker (CAIB 3) Exam Practice Exam

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q24-Q29):

NEW QUESTION # 24
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 # 25
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 # 26
Which of the following best describes the insured's involvement in reinsurance? (1 mark)

Answer: C

Explanation:
Comprehensive Explanation: Reinsurance is a contract between the primary insurer (cedent) and the reinsurer. The original insured is normally not a party to that contract and usually has no direct involvement with the reinsurer. The primary insurer remains responsible to the insured under the original policy.
Reference: CAIB 3 Training & Study Pack - Reinsurance: relationship between insured, cedent and reinsurer.


NEW QUESTION # 27
Not everyone can qualify for a surety bond.
A) Identify the three (3) criteria which form the basis of the credit approval of every applicant for bonding. (1
1/2 marks)
B) Identify one (1) factor under each of the criteria stated above which the surety company would consider. (1
1/2 marks)
(3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) The three criteria are Character, Capacity and Capital.
B) One factor under each is:
- Character: honesty, reputation and past record.
- Capacity: experience and ability to complete the work.
- Capital: financial strength and available working capital.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Qualifying for a Surety Bond:
Character, Capacity and Capital.


NEW QUESTION # 28
DEFINE: FIXED EXPENSES (BUSINESS INTERRUPTION) (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Fixed expenses are expenses that continue during a business interruption and do not change directly with the level of sales or production. Examples include rent, property taxes, insurance and certain salaries.
Reference: CAIB 3 Training & Study Pack - Business Interruption: continuing and fixed expenses.


NEW QUESTION # 29
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