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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q18-Q23):

NEW QUESTION # 18
DEFINE: RETROCESSION (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Retrocession is reinsurance of reinsurance. It occurs when a reinsurer transfers part of the risk it has accepted to another reinsurer, called the retrocessionaire.
Reference: CAIB 3 Training & Study Pack - Reinsurance: retrocession and retrocessionaire.


NEW QUESTION # 19
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 # 20
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 # 21
DEFINE: ROBBERY (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.


NEW QUESTION # 22
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 # 23
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