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IBABC CAIB-3 Exam Syllabus Topics:

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

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

NEW QUESTION # 36
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 # 37
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 # 38
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)

Answer: B

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 # 39
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 # 40
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 # 41
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