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IBABC CAIB-3 Exam Syllabus Topics:

Section	Objectives
Topic 1: Commercial Automobile Insurance	- Garage and fleet exposures - Commercial auto policy forms and coverages
Topic 2: Commercial General Liability Insurance	- CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures
Topic 3: Risk Management and Underwriting	- Loss control and risk mitigation strategies - Commercial underwriting principles - Risk identification and assessment
Topic 4: Specialty Insurance Lines	- Surety Bonds - Crime Insurance and Fidelity Coverage - Ocean Marine and Aviation Insurance

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q26-Q31):

NEW QUESTION # 26
A) Which of the following coverages is for paying, "all amounts that you are legally obligated to pay to a person, other than a passenger, for bodily injury or property damage" arising out of the "use, ownership, or maintenance of the aircraft?" Please provide the full name. (1 mark) B) Provide two (2) examples of what this coverage can be extended to include? (2 marks) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Liability Coverage - Bodily Injury and Property Damage to Third Parties.
B) Two examples of extensions are:
1. Damage to aircraft hangars or premises leased or occupied by the insured.
2. Emergency service expenses, such as runway foaming, fire/crash rescue or search and rescue.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Third-Party Bodily Injury and Property Damage Liability and extensions.

NEW QUESTION # 27
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 # 28
Which of the following best describes the insured's involvement in reinsurance? (1 mark)

A. The insured must approve the reinsurer.
B. The insured is the one to engage a reinsurer.
C. The insured is unaware there is a reinsurer.
D. The insured and insurer will discuss the reinsurer together.

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 # 29
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 # 30
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 # 31
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