Free PDF Quiz 2026 First-grade IBABC CAIB-3: Test Canadian Accredited Insurance Broker (CAIB 3) Exam Centres

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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: For cyber business interruption, the restoration period can end when systems are actually restored, when they should reasonably have been restored, or when the maximum time period stated in the policy is reached. The earliest applicable point normally controls, so D is the best answer.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: business interruption and period of restoration.


NEW QUESTION # 21
DEFINE: SURETY (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
The surety is the party that guarantees the principal will fulfill an obligation to the obligee. If the principal defaults, the surety may have to perform or pay according to the bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: principal, obligee and surety.


NEW QUESTION # 22
What governs the liability of aircraft owners and operators? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: The legal liability of aircraft owners and operators is generally determined by the principles of negligence. Deductibles, endorsements and the type of aircraft use affect insurance coverage, but they do not establish the basic legal responsibility for causing injury or property damage.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: aircraft liability and negligence.


NEW QUESTION # 23
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 # 24
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 # 25
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