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| Section | Objectives |
|---|---|
| Topic 1: Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Topic 2: Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
| Topic 3: Specialty Insurance Lines | - Ocean Marine and Aviation Insurance - Surety Bonds - Crime Insurance and Fidelity Coverage |
| Topic 4: Risk Management and Underwriting | - Loss control and risk mitigation strategies - Commercial underwriting principles - Risk identification and assessment |
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NEW QUESTION # 34
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
Answer: C
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 # 35
Name and explain where judicial bonds are filed. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Judicial bonds are bonds required in connection with court proceedings. Depending on the matter, they may be filed with:
1. A probate court - usually for fiduciary matters such as estates, guardians or trustees.
2. A court of equity - usually for court actions involving plaintiffs or defendants.
The two broad classes of judicial bonds are Court Bonds and Fiduciary Bonds.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Judicial Bonds: Court Bonds and Fiduciary Bonds.
NEW QUESTION # 36
What can be done to avoid coverage gaps when dealing with silent cyber exposures? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
1. Review existing policies to see where cyber coverage is unclear or silent.
2. Use clear wording or endorsements to show whether cyber losses are covered or excluded.
3. Purchase and coordinate a separate cyber policy for exposures that are not clearly covered elsewhere.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: silent cyber and coordination of coverage.
NEW QUESTION # 37
An important step in the risk management process is selecting the proper risk management techniques. This procedure relies on the ability of the risk manager to forecast.
A) Identify two (2) forecasts which must be conducted if the organization is to establish meaningful priorities in treating loss exposures. (2 marks) B) Once forecasting has been done, each alternative risk management technique is assessed in accordance with two (2) selection criteria. Identify those criteria. (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Two required forecasts are:
1. The expected frequency and severity of losses.
2. The effect that different risk control and risk financing techniques will have on the frequency, severity and predictability of those losses.
B) The two selection criteria are Effectiveness and Economy.
A third forecast used in the CAIB process is the cost of the risk management techniques.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Step Three: Select Risk Management Technique(s), Forecasting, reference p. 6-23.
NEW QUESTION # 38
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 # 39
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Holding a Canadian Accredited Insurance Broker (CAIB 3) Exam CAIB-3 Certification in a certain field definitely shows that one have a good command of the CAIB-3 knowledge and professional skills in the related field. However, it is universally accepted that the majority of the candidates for the Canadian Accredited Insurance Broker (CAIB 3) Exam exam are those who do not have enough spare time and are not able to study in the most efficient way.
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