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| Section | Objectives |
|---|---|
| Aviation Insurance | |
| Reinsurance | |
| Cyber Insurance | |
| Business Interruption Insurance | |
| Marine Insurance | |
| Crime Insurance | |
| Directors' and Officers' Liability Insurance | |
| Surety Bonding | |
| Risk Assessment for Advanced Commercial Risks |
The Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) certification is a valuable credential that every IBABC professional should earn it. The Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) certification exam offers a great opportunity for beginners and experienced professionals to demonstrate their expertise. With the Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) certification exam everyone can upgrade their skills and knowledge. There are other several benefits that the IBABC CAIB-3 exam holders can achieve after the success of the Canadian Accredited Insurance Broker (CAIB 3) Exam (CAIB-3) certification exam.
NEW QUESTION # 42
DEFINE: IN MOTION (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
An aircraft is considered in motion when it is in flight or moving under its own power. It is also considered in motion while a propeller or rotor is being rotated by engine power.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Aviation Insurance, reference p. 4-23.
NEW QUESTION # 43
There are a wide variety of techniques or sources that can be used to systematically identify loss exposure.
List and briefly describe three (3) of them. (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
1. Surveys or questionnaires - ask structured questions about the business and its operations to identify possible exposures.
2. Financial statements and records - show assets, income, expenses and other areas where the business could suffer a financial loss.
3. Personal inspections - a physical inspection of the premises can identify hazards and exposures that may not appear in the paperwork.
Reference: CAIB 3 Training & Study Pack - Risk Management: techniques for identifying loss exposures.
NEW QUESTION # 44
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 # 45
Not everyone can qualify for a surety bond.
A) Identify the three (3) criteria which form the basis of the credit approval of every applicant for bonding. (1
1/2 marks)
B) Identify one (1) factor under each of the criteria stated above which the surety company would consider. (1
1/2 marks)
(3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) The three criteria are Character, Capacity and Capital.
B) One factor under each is:
- Character: honesty, reputation and past record.
- Capacity: experience and ability to complete the work.
- Capital: financial strength and available working capital.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Qualifying for a Surety Bond:
Character, Capacity and Capital.
NEW QUESTION # 46
What governs the liability of aircraft owners and operators? (1 mark)
Answer: A
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 # 47
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