RealExamFree Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) practice test material covers all the key topics and areas of knowledge necessary to master the IBABC Certification Exam. Experienced industry professionals design the CAIB-3 exam questions and are regularly updated to reflect the latest changes in the Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) exam. In addition, RealExamFree offers three different formats of practice material which are discussed below.
| Section | Objectives |
|---|---|
| Business Interruption Insurance | |
| Surety Bonding | |
| Aviation Insurance | |
| Marine Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Reinsurance | |
| Crime Insurance | |
| Cyber Insurance | |
| Directors' and Officers' Liability Insurance |
>> Valid CAIB-3 Test Syllabus <<
Through continuous development and growth of the IT industry in the past few years, CAIB-3 exam has become a milestone in the IBABC exam, it can help you to become a IT professional. There are hundreds of online resources to provide the IBABC CAIB-3 questions. Why do most people to choose RealExamFree? Because RealExamFree has a huge IT elite team, In order to ensure you accessibility through the IBABC CAIB-3 Certification Exam, they focus on the study of IBABC CAIB-3 exam. RealExamFree ensure that the first time you try to obtain certification of IBABC CAIB-3 exam. RealExamFree will stand with you, with you through thick and thin.
NEW QUESTION # 14
DEFINE: EXTENDED REPORTING PERIOD (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
An Extended Reporting Period is extra time after a claims-made policy ends during which a claim can still be reported for an occurrence or wrongful act that happened during the covered period, subject to the policy terms and any retroactive date.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 2 - Claims-Made coverage and Extended Reporting Period, reference p. 2-40.
NEW QUESTION # 15
From a risk management perspective, every loss exposure has three dimensions. What are the three (3) dimensions? (1 mark)
Answer: B
Explanation:
Comprehensive Explanation: CAIB risk management analyzes a loss exposure by looking at the type of value exposed, the peril that could cause the loss, and the possible financial consequences. Frequency and severity are important later when the financial consequences are analyzed, but they are not the three dimensions asked for here.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, loss exposure dimensions, reference p. 6-3.
NEW QUESTION # 16
Fred's Fried Things is a busy fast food business and has protocol in place to make sure they don't have too much cash on site, depositing it at the bank twice per day. Today, while taking the first deposit to the bank, the manager is robbed at gunpoint. Is there coverage available for this loss? Why or why not? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Yes. This would be covered under Outside the Premises/Outside Robbery coverage. The manager is a custodian carrying the business money to the bank, and the money was taken by robbery at gunpoint. The loss would be covered subject to the policy limit and deductible.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Outside the Premises/Outside Robbery coverage and custodian.
NEW QUESTION # 17
When considering the interaction of loss frequency and loss severity with the Prouty Approach, if the loss severity is significant and the loss frequency is almost nil, how should the loss be financed? (1 mark)
Answer: A
Explanation:
Comprehensive Explanation: Under the Prouty Approach, a loss with significant severity but an almost nil frequency is normally retained. The event is unlikely to occur often enough to justify transferring every such exposure, provided the organization can financially absorb the loss.
Reference: CAIB 3 Training & Study Pack - Risk Management: Prouty Approach, frequency/severity matrix and risk financing.
NEW QUESTION # 18
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 # 19
......
How can our CAIB-3 study questions are so famous and become the leader in the market? Because our CAIB-3 learning braindumps comprise the most significant questions and answers that have every possibility to be the part of the real exam. As you study with our CAIB-3 Practice Guide, you will find the feeling that you are doing the real exam. Especially if you choose the Software version of our CAIB-3 training engine, which can simulate the real exam.
CAIB-3 Reliable Dump: https://www.realexamfree.com/CAIB-3-real-exam-dumps.html