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| Section | Objectives |
|---|---|
| Topic 1: Surety Bonding | |
| Topic 2: Cyber Insurance | |
| Topic 3: Risk Assessment for Advanced Commercial Risks | |
| Topic 4: Aviation Insurance | |
| Topic 5: Crime Insurance | |
| Topic 6: Reinsurance | |
| Topic 7: Directors' and Officers' Liability Insurance | |
| Topic 8: Business Interruption Insurance | |
| Topic 9: Marine Insurance |
Taking the Canadian Accredited Insurance Broker (CAIB 3) Exam CAIB-3 test and beginning Canadian Accredited Insurance Broker (CAIB 3) Exam CAIB-3 exam preparation with the suggested CAIB-3 exam preparation materials is the best and quickest course of action. You can rely on IBABC CAIB-3 Exam Questio Canadian Accredited Insurance Broker (CAIB 3) Exam CAIB-3 for thorough CAIB-3 exam preparation.
NEW QUESTION # 32
A) Name two (2) major types of inland marine coverages written today. (2 marks) B) What is an example of another inland marine policy coverage written to handle expensive and unique property situations? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) Two major inland marine coverages are:
1. Property being transported.
2. Buildings under construction (Builder's Risk).
B) Fine Arts coverage is an example of inland marine insurance for expensive or unique property.
Reference: CAIB 3 Training & Study Pack - Marine/Inland Marine: transportation, Builder's Risk and floaters for valuable property.
NEW QUESTION # 33
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
Answer: A
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 # 34
What three (3) losses are the typical reasons for a net income loss exposure? (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Three common reasons for a net income loss exposure are:
1. Business interruption.
2. Contingent business interruption.
3. Loss of profit on finished goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, Net Income Loss Exposure, reference p. 6-3.
NEW QUESTION # 35
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: B
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 # 36
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 # 37
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