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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Cyber Insurance
Risk Assessment for Advanced Commercial Risks
Reinsurance
Business Interruption Insurance
Marine Insurance
Directors' and Officers' Liability Insurance
Crime Insurance
Aviation Insurance
Surety Bonding

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q26-Q31):

NEW QUESTION # 26
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: B

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 # 27
DEFINE: ROBBERY (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.


NEW QUESTION # 28
Your client chartered a boat to transport some goods. While parked at the terminal overnight, some thieves went aboard and stole some cargo. Upon investigation, it looks like the terminal's security was negligent, allowing the thieves to easily enter the premises.
A) Which liability insurance will cover this loss? (1 mark)
B) Your client is adamant that they should not be responsible. They want to sue - who can they hold responsible? (1 mark) C) Which liability insurance will protect against this litigation? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Charterer's Legal Liability can protect the charterer for legal liability arising from the chartered vessel.
B) The terminal operator can be held responsible if its negligent security caused or contributed to the theft.
C) Terminal Operator's Legal Liability insurance can protect the terminal operator against this type of liability claim.
Reference: CAIB 3 Training & Study Pack - Marine Insurance: charterers' liability and terminal operators' legal liability.


NEW QUESTION # 29
What is the name of the bond that protects governments in the event that duties and taxes collected by the principal are not remitted to the government? (1 mark)

Answer: D

Explanation:
Comprehensive Explanation: A Customs and Excise Bond guarantees that the principal will comply with the applicable tax and customs requirements, including payment or remittance of duties and taxes owed to the government.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Miscellaneous Bonds: Customs and Excise Bonds.


NEW QUESTION # 30
What are three (3) of the primary insurer's needs that can be satisfied through reinsurance? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Three needs that reinsurance can satisfy are:
1. Increase the insurer's underwriting capacity.
2. Protect the insurer against large or catastrophic losses.
3. Stabilize the insurer's loss results from year to year.
Reference: CAIB 3 Training & Study Pack - Reinsurance: capacity, catastrophe protection and stabilization.


NEW QUESTION # 31
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