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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
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 # 43
All of the following are differences between Directors' and Officers' Liability insurance and other types of liability insurance, EXCEPT ONE. Identify the EXCEPTION. (1 mark)

Answer: C

Explanation:
Comprehensive Explanation: In the D & O wording being tested, defence costs are included within and reduce the policy limit rather than being paid in addition to the limit. The application forming part of the policy and the insurer's right to associate in the defence are also features that must be reviewed in D & O coverage. Therefore D is the exception.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: defence costs, application and defence provisions.


NEW QUESTION # 44
A) Name two (2) major types of inland marine coverages written today. (2 marks) B) What is an example of another inland marine policy coverage written to handle expensive and unique property situations? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Two major inland marine coverages are:
1. Property being transported.
2. Buildings under construction (Builder's Risk).
B) Fine Arts coverage is an example of inland marine insurance for expensive or unique property.
Reference: CAIB 3 Training & Study Pack - Marine/Inland Marine: transportation, Builder's Risk and floaters for valuable property.


NEW QUESTION # 45
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 # 46
What is the name of the bond that protects governments in the event that duties and taxes collected by the principal are not remitted to the government? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: A Customs and Excise Bond guarantees that the principal will comply with the applicable tax and customs requirements, including payment or remittance of duties and taxes owed to the government.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Miscellaneous Bonds: Customs and Excise Bonds.


NEW QUESTION # 47
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