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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
Provide three (3) examples of miscellaneous bonds. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Three examples of miscellaneous bonds are:
1. Customs and Excise Bond.
2. Lost Document Bond.
3. Consignment Bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: Miscellaneous Bonds.
Other examples include Utility Payment and Land Restoration Bonds.


NEW QUESTION # 12
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: A custodian includes the insured, a partner of the insured, or an authorized employee who has care and custody of the insured property. A guard, janitor or watchman is not treated as a custodian for this coverage.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Inside/Outside Robbery and the definition of custodian.


NEW QUESTION # 13
The products/completed operations liability coverage is special because it recognizes the unique risks of the aviation industry.
A) What are the two (2) types of businesses/services that are covered by this? (2 marks) B) Why is it essential for brokers to determine if this coverage is needed? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) It is mainly needed by:
1. Businesses that manufacture or sell aircraft or aircraft parts.
2. Businesses that repair, service or maintain aircraft.
B) It is important because a claim may happen after the product has been sold or after the work has been completed, so the broker must make sure this exposure is properly covered.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Products/Completed Operations Liability.


NEW QUESTION # 14
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 # 15
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 # 16
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