Pass Guaranteed CAIB-3 - Efficient Canadian Accredited Insurance Broker (CAIB 3) Exam Exam Reviews

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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Specialty Insurance Lines- Ocean Marine and Aviation Insurance
- Crime Insurance and Fidelity Coverage
- Surety Bonds
Topic 2: Commercial Automobile Insurance- Garage and fleet exposures
- Commercial auto policy forms and coverages
Topic 3: Commercial General Liability Insurance- Legal perspective and liability exposures
- CGL policy structure, coverages, and endorsements
Topic 4: Risk Management and Underwriting- Loss control and risk mitigation strategies
- Commercial underwriting principles
- Risk identification and assessment

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q36-Q41):

NEW QUESTION # 36
What are incoterms? Choose the best option below. (1 mark)

Answer: D

Explanation:
Comprehensive Explanation: Incoterms set out responsibilities between buyers and sellers for delivery, transportation, risk and certain costs. They are broader than only loading and offloading, but D is the closest answer provided. Incoterms do not, by themselves, determine legal ownership or title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Incoterms, reference p. 4-2.


NEW QUESTION # 37
Does employee dishonesty coverage apply if the insured can not identify the employee responsible? Why or why not? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Yes, coverage can still apply even if the exact employee cannot be identified. The insured must be able to prove that the loss was caused by the dishonest act of one or more employees. An unexplained inventory shortage by itself may not be enough proof.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Employee Dishonesty and proof of loss.


NEW QUESTION # 38
DEFINE: SEMI-VARIABLE EXPENSES (BUSINESS INTERRUPTION) (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Semi-variable expenses have both a fixed part and a variable part. During an interruption, part of the expense continues while the other part may decrease as sales or production decreases. Utilities and telephone costs are common examples.
Reference: CAIB 3 Training & Study Pack - Business Interruption: fixed, variable and semi-variable expenses.


NEW QUESTION # 39
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 # 40
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 # 41
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