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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q10-Q15):

NEW QUESTION # 10
DEFINE: OBLIGEE (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
The obligee is the party to whom the principal owes an obligation and the party that receives the protection of the surety bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds, reference p. 5-2.


NEW QUESTION # 11
Your client has gross earnings coverage. Although many of his employees are unskilled, and therefore readily replaceable, your client wants to protect them in the event of an interruption. Which of the following options is available to your client? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: The ordinary payroll limitation can be arranged for either 90 days or 180 days.
Since both A and C are available options, D is the best answer. This allows an insured to continue ordinary payroll for the selected period after an insured business interruption.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings and ordinary payroll limitation.


NEW QUESTION # 12
A) What is a third-party cyber event? Provide an example. (2 marks)
B) What is an example of a third-party cyber loss? (1 mark)
(3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) A third-party cyber event is a cyber incident involving the insured that causes harm or loss to another person or organization. Example: a hacker steals customers' personal information from the insured's computer system.
B) An example of a third-party cyber loss is legal defence costs or damages from a customer lawsuit after a privacy breach.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: third-party events and cyber liability losses.


NEW QUESTION # 13
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 # 14
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 # 15
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