Free PDF 2026 CAIB-3: Trustable Canadian Accredited Insurance Broker (CAIB 3) Exam Question Explanations

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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q20-Q25):

NEW QUESTION # 20
DEFINE: IN MOTION (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
An aircraft is considered in motion when it is in flight or moving under its own power. It is also considered in motion while a propeller or rotor is being rotated by engine power.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Aviation Insurance, reference p. 4-23.


NEW QUESTION # 21
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 # 22
There are many details required by underwriters for cyber insurance. Name six (6) of those details required. (3 marks) See the answer in Explanation below.

Answer:

Explanation:
Six details an underwriter may require are:
1. Type and size of the business.
2. Annual revenue.
3. Type and amount of confidential or personal data stored.
4. Computer and network security controls.
5. Backup and disaster recovery procedures.
6. Past cyber incidents or claims.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: underwriting information and cyber controls.


NEW QUESTION # 23
What are incoterms? Choose the best option below. (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: Incoterms set out responsibilities between buyers and sellers for delivery, transportation, risk and certain costs. They are broader than only loading and offloading, but D is the closest answer provided. Incoterms do not, by themselves, determine legal ownership or title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Incoterms, reference p. 4-2.


NEW QUESTION # 24
There are a wide variety of techniques or sources that can be used to systematically identify loss exposure.
List and briefly describe three (3) of them. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. Surveys or questionnaires - ask structured questions about the business and its operations to identify possible exposures.
2. Financial statements and records - show assets, income, expenses and other areas where the business could suffer a financial loss.
3. Personal inspections - a physical inspection of the premises can identify hazards and exposures that may not appear in the paperwork.
Reference: CAIB 3 Training & Study Pack - Risk Management: techniques for identifying loss exposures.


NEW QUESTION # 25
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