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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q30-Q35):

NEW QUESTION # 30
Does employee dishonesty coverage apply if the insured can not identify the employee responsible? Why or why not? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Yes, coverage can still apply even if the exact employee cannot be identified. The insured must be able to prove that the loss was caused by the dishonest act of one or more employees. An unexplained inventory shortage by itself may not be enough proof.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Employee Dishonesty and proof of loss.

NEW QUESTION # 31
Which of the following best describes the insured's involvement in reinsurance? (1 mark)

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

Answer: B

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 # 32
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 # 33
Why is business interruption coverage important? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. It replaces income or earnings lost while the business cannot operate normally after an insured loss.
2. It helps pay continuing expenses such as rent, taxes and salaries while income is reduced.
3. It helps the business survive the interruption and return to normal operations without using up all of its working capital.
Reference: CAIB 3 Training & Study Pack - Business Interruption: purpose of business interruption insurance.

NEW QUESTION # 34
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)

A. The date when systems are restored.
B. Any of the above, depending on which is earliest.
C. The date when systems should have been restored.
D. A fixed time period, which can range from 30 days to 12 months following the date of loss, depending on the insurance policy.

Answer: B

Explanation:
Comprehensive Explanation: For cyber business interruption, the restoration period can end when systems are actually restored, when they should reasonably have been restored, or when the maximum time period stated in the policy is reached. The earliest applicable point normally controls, so D is the best answer.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: business interruption and period of restoration.

NEW QUESTION # 35
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