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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q16-Q21):

NEW QUESTION # 16
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 # 17
Not everyone can qualify for a surety bond.
A) Identify the three (3) criteria which form the basis of the credit approval of every applicant for bonding. (1
1/2 marks)
B) Identify one (1) factor under each of the criteria stated above which the surety company would consider. (1
1/2 marks)
(3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) The three criteria are Character, Capacity and Capital.
B) One factor under each is:
- Character: honesty, reputation and past record.
- Capacity: experience and ability to complete the work.
- Capital: financial strength and available working capital.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Qualifying for a Surety Bond:
Character, Capacity and Capital.


NEW QUESTION # 18
DEFINE: CEDENT (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A cedent, or ceding company, is the insurer or reinsurer that transfers part of a risk to another reinsurer.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company terminology.


NEW QUESTION # 19
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 # 20
DEFINE: PARTICULAR AVERAGE (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Particular average is a partial loss to a specific marine shipment caused by an insured peril, other than a General Average loss.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance, Particular Average, reference p. 4-16.
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NEW QUESTION # 21
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