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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Risk Management and Underwriting- Commercial underwriting principles
- Risk identification and assessment
- Loss control and risk mitigation strategies
Topic 2: Commercial Automobile Insurance- Commercial auto policy forms and coverages
- Garage and fleet exposures
Topic 3: Specialty Insurance Lines- Surety Bonds
- Crime Insurance and Fidelity Coverage
- Ocean Marine and Aviation Insurance
Topic 4: Commercial General Liability Insurance- Legal perspective and liability exposures
- CGL policy structure, coverages, and endorsements

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

NEW QUESTION # 24
While very similar, there are some key differences between the coverages provided under the profits form and the gross earnings form. Name three (3) of those key differences. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. Gross Earnings coverage normally ends when the damaged property is repaired, rebuilt or replaced. The Profits Form can continue until the business income returns to the level it would have reached, subject to the selected indemnity period.
2. Under Gross Earnings, delays caused by the insured or other people involved can reduce the claim. Under the Profits Form, the focus is on delays for which the insured is responsible.
3. The Profits Form can cover income loss caused by delays in complying with building by-laws, while the Gross Earnings Form does not cover that additional delay in the same way.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings Form compared with the Profits Form.


NEW QUESTION # 25
DEFINE: RETROCESSION (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Retrocession is reinsurance of reinsurance. It occurs when a reinsurer transfers part of the risk it has accepted to another reinsurer, called the retrocessionaire.
Reference: CAIB 3 Training & Study Pack - Reinsurance: retrocession and retrocessionaire.


NEW QUESTION # 26
What are incoterms? Choose the best option below. (1 mark)

Answer: C

Explanation:
Comprehensive Explanation: Incoterms set out responsibilities between buyers and sellers for delivery, transportation, risk and certain costs. They are broader than only loading and offloading, but D is the closest answer provided. Incoterms do not, by themselves, determine legal ownership or title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Incoterms, reference p. 4-2.


NEW QUESTION # 27
DEFINE: OBLIGEE (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
The obligee is the party to whom the principal owes an obligation and the party that receives the protection of the surety bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds, reference p. 5-2.


NEW QUESTION # 28
A bill of lading serves three (3) purposes. What are those purposes? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A bill of lading serves as:
1. A contract of carriage between the shipper and carrier.
2. A receipt for the goods shipped.
3. A document of title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Bill of Lading, reference p. 4-6.


NEW QUESTION # 29
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