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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q47-Q52):

NEW QUESTION # 47
Which of the following best describes the insured's involvement in reinsurance? (1 mark)

Answer: D

Explanation:
Comprehensive Explanation: Reinsurance is a contract between the primary insurer (cedent) and the reinsurer. The original insured is normally not a party to that contract and usually has no direct involvement with the reinsurer. The primary insurer remains responsible to the insured under the original policy.
Reference: CAIB 3 Training & Study Pack - Reinsurance: relationship between insured, cedent and reinsurer.


NEW QUESTION # 48
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)

Answer: D

Explanation:
Comprehensive Explanation: For cyber business interruption, the restoration period can end when systems are actually restored, when they should reasonably have been restored, or when the maximum time period stated in the policy is reached. The earliest applicable point normally controls, so D is the best answer.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: business interruption and period of restoration.


NEW QUESTION # 49
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 # 50
What governs the liability of aircraft owners and operators? (1 mark)

Answer: A

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 # 51
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 # 52
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