Free PDF IBABC - Valid CAIB-3 - New Canadian Accredited Insurance Broker (CAIB 3) Exam Test Test

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IBABC CAIB-3 Exam Syllabus Topics:

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

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Real CAIB-3 Exams & CAIB-3 Online Lab Simulation

A lot of progress is being made in the IBABC sector today. Many companies offer job opportunities to qualified candidates, but they have specific CAIB-3 certification criteria to select qualified candidates. Thus, they can filter out effective and qualified candidates from the population. Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) must be taken and passed to become a certified individual.

IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q34-Q39):

NEW QUESTION # 34
DEFINE: FRAUD (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Fraud is an intentional act of deception, misrepresentation or dishonesty used to obtain money, property or another benefit, or to cause another person a financial loss.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: fraud and dishonest acts.


NEW QUESTION # 35
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 # 36
What governs the liability of aircraft owners and operators? (1 mark)

Answer: D

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 # 37
DEFINE: IN MOTION (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
An aircraft is considered in motion when it is in flight or moving under its own power. It is also considered in motion while a propeller or rotor is being rotated by engine power.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Aviation Insurance, reference p. 4-23.


NEW QUESTION # 38
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 # 39
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