Pass Guaranteed IBABC - CAIB-3 - Canadian Accredited Insurance Broker (CAIB 3) Exam–The Best Reliable Test Notes

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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q36-Q41):

NEW QUESTION # 36
Provide three (3) examples of miscellaneous bonds. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Three examples of miscellaneous bonds are:
1. Customs and Excise Bond.
2. Lost Document Bond.
3. Consignment Bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: Miscellaneous Bonds.
Other examples include Utility Payment and Land Restoration Bonds.


NEW QUESTION # 37
DEFINE: CYBER RISK (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Cyber risk is the risk of financial loss, business interruption or liability caused by a cyber event, such as unauthorized access, a cyberattack, system failure or loss of electronic data.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: cyber risks and loss exposures.


NEW QUESTION # 38
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 # 39
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 # 40
All of the shareholders of ABD company have come together in a class action lawsuit against the CEO because they have evidence that he artificially inflated the share price by misrepresenting the company's finances in their reporting.
A) Of the two (2) types of lawsuits made against directors and officers, which one is this? (1 mark) B) Do you think the shareholders will win this lawsuit? Why or why not? (2 marks) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) This is a direct action because the shareholders are claiming for their own financial loss.
B) They have a strong case if they can prove the CEO made a material misrepresentation, that the misrepresentation caused the share price to be inflated, and that they suffered financial loss because of it. The final result would depend on the evidence and the legal requirements of the claim.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: direct actions and derivative actions.


NEW QUESTION # 41
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