New IBABC CAIB-3 Exam Camp - CAIB-3 Reliable Practice Questions

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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Risk Assessment for Advanced Commercial Risks
Business Interruption Insurance
Marine Insurance
Reinsurance
Surety Bonding
Cyber Insurance
Aviation Insurance
Crime Insurance
Directors' and Officers' Liability Insurance

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q30-Q35):

NEW QUESTION # 30
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 # 31
There are a wide variety of techniques or sources that can be used to systematically identify loss exposure.
List and briefly describe three (3) of them. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. Surveys or questionnaires - ask structured questions about the business and its operations to identify possible exposures.
2. Financial statements and records - show assets, income, expenses and other areas where the business could suffer a financial loss.
3. Personal inspections - a physical inspection of the premises can identify hazards and exposures that may not appear in the paperwork.
Reference: CAIB 3 Training & Study Pack - Risk Management: techniques for identifying loss exposures.


NEW QUESTION # 32
There are many details required by underwriters for cyber insurance. Name six (6) of those details required. (3 marks) See the answer in Explanation below.

Answer:

Explanation:
Six details an underwriter may require are:
1. Type and size of the business.
2. Annual revenue.
3. Type and amount of confidential or personal data stored.
4. Computer and network security controls.
5. Backup and disaster recovery procedures.
6. Past cyber incidents or claims.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: underwriting information and cyber controls.


NEW QUESTION # 33
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 # 34
In reviewing Directors' and Officers' Liability Insurance policy forms, brokers must take care to compare the differences in coverage between insurers. There are many elements to review - list six (6) of those elements.
(3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Six items a broker should compare are:
1. Who is included in the definition of insured.
2. The definition of a wrongful act.
3. Policy limits and deductibles/retentions.
4. Whether defence costs are inside or outside the limit.
5. Exclusions and coverage extensions.
6. Claims-made provisions, including prior acts/retroactive dates and the Extended Reporting Period.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: comparing D & O policy forms.


NEW QUESTION # 35
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