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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q17-Q22):

NEW QUESTION # 17
What three (3) losses are the typical reasons for a net income loss exposure? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Three common reasons for a net income loss exposure are:
1. Business interruption.
2. Contingent business interruption.
3. Loss of profit on finished goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, Net Income Loss Exposure, reference p. 6-3.


NEW QUESTION # 18
DEFINE: SEMI-VARIABLE EXPENSES (BUSINESS INTERRUPTION) (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Semi-variable expenses have both a fixed part and a variable part. During an interruption, part of the expense continues while the other part may decrease as sales or production decreases. Utilities and telephone costs are common examples.
Reference: CAIB 3 Training & Study Pack - Business Interruption: fixed, variable and semi-variable expenses.


NEW QUESTION # 19
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 # 20
Your client has hired his cousin as an employee. Several years ago, this cousin was charged and convicted of fraud, and your client feels that they should assist the cousin's return to the workforce. Are there any implications from the fraud conviction under the Comprehensive 3D policy? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Yes. Employee dishonesty coverage normally does not apply to an employee once the insured knows that the employee has committed a dishonest or fraudulent act. Since the client already knows about the cousin's fraud conviction, a dishonesty loss caused by the cousin would normally not be covered unless the insurer specifically agrees to cover that employee. The conviction should be disclosed to the insurer.
Reference: CAIB 3 Training & Study Pack - Crime Insurance/Comprehensive 3D: termination of employee dishonesty coverage after known dishonest acts.


NEW QUESTION # 21
DEFINE: SURETY (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
The surety is the party that guarantees the principal will fulfill an obligation to the obligee. If the principal defaults, the surety may have to perform or pay according to the bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: principal, obligee and surety.


NEW QUESTION # 22
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