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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q21-Q26):

NEW QUESTION # 21
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 # 22
DEFINE: FRAUD (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Fraud is an intentional act of deception, misrepresentation or dishonesty used to obtain money, property or another benefit, or to cause another person a financial loss.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: fraud and dishonest acts.


NEW QUESTION # 23
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)

Answer: C

Explanation:
Comprehensive Explanation: A custodian includes the insured, a partner of the insured, or an authorized employee who has care and custody of the insured property. A guard, janitor or watchman is not treated as a custodian for this coverage.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Inside/Outside Robbery and the definition of custodian.


NEW QUESTION # 24
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 # 25
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 # 26
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