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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q35-Q40):

NEW QUESTION # 35
DEFINE: CEDENT (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A cedent, or ceding company, is the insurer or reinsurer that transfers part of a risk to another reinsurer.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company terminology.


NEW QUESTION # 36
Why is business interruption coverage important? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. It replaces income or earnings lost while the business cannot operate normally after an insured loss.
2. It helps pay continuing expenses such as rent, taxes and salaries while income is reduced.
3. It helps the business survive the interruption and return to normal operations without using up all of its working capital.
Reference: CAIB 3 Training & Study Pack - Business Interruption: purpose of business interruption insurance.


NEW QUESTION # 37
A) How does the Directors' and Officers' Liability insurance protect the organization? Name the specific coverage element. (2 marks) B) Which coverage element might cover costs of defence related to allegations of pollution? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Company Reimbursement Coverage (Side B) reimburses the organization for amounts it is legally permitted to pay to indemnify its directors and officers for covered claims.
B) Pollution Defence Costs Coverage may cover defence costs arising from allegations of pollution, subject to the policy wording.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: Company Reimbursement and Pollution Defence Costs.


NEW QUESTION # 38
DEFINE: CYBER RISK (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Cyber risk is the risk of financial loss, business interruption or liability caused by a cyber event, such as unauthorized access, a cyberattack, system failure or loss of electronic data.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: cyber risks and loss exposures.


NEW QUESTION # 39
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 # 40
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