TOP New CAIB-3 Test Objectives 100% Pass | Latest IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Reliable Test Guide Pass for sure

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IBABC CAIB-3 Exam Syllabus Topics:

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

>> New CAIB-3 Test Objectives <<

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q14-Q19):

NEW QUESTION # 14
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 # 15
DEFINE: SURETY (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
The surety is the party that guarantees the principal will fulfill an obligation to the obligee. If the principal defaults, the surety may have to perform or pay according to the bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: principal, obligee and surety.


NEW QUESTION # 16
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 # 17
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 # 18
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 # 19
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