CAIB-3 Study Reference | CAIB-3 Real Dumps

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IBABC CAIB-3 Exam Syllabus Topics:

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

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CAIB-3 Real Dumps - New CAIB-3 Test Topics

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q33-Q38):

NEW QUESTION # 33
A) When reinsurance is applied, who is considered the primary insurer? (1 mark) B) What term is used to describe the primary insurer? (1 mark) C) Who is the reinsurer? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) The primary insurer is the insurance company that issued the original policy to the insured.
B) The primary insurer is called the cedent or ceding company.
C) The reinsurer is the insurance company that accepts the risk transferred by the cedent.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company and reinsurer.


NEW QUESTION # 34
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 # 35
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 # 36
Why is business interruption coverage important? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. It replaces income or earnings lost while the business cannot operate normally after an insured loss.
2. It helps pay continuing expenses such as rent, taxes and salaries while income is reduced.
3. It helps the business survive the interruption and return to normal operations without using up all of its working capital.
Reference: CAIB 3 Training & Study Pack - Business Interruption: purpose of business interruption insurance.


NEW QUESTION # 37
DEFINE: PARTICULAR AVERAGE (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Particular average is a partial loss to a specific marine shipment caused by an insured peril, other than a General Average loss.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance, Particular Average, reference p. 4-16.
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NEW QUESTION # 38
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