CAIB-3 Exam Objectives & CAIB-3 Exam Questions Fee

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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Surety Bonding
Topic 2: Reinsurance
Topic 3: Directors' and Officers' Liability Insurance
Topic 4: Risk Assessment for Advanced Commercial Risks
Topic 5: Business Interruption Insurance
Topic 6: Cyber Insurance
Topic 7: Crime Insurance
Topic 8: Aviation Insurance
Topic 9: Marine Insurance

>> CAIB-3 Exam Objectives <<

100% Pass Quiz 2026 CAIB-3: Trustable Canadian Accredited Insurance Broker (CAIB 3) Exam Exam Objectives

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q40-Q45):

NEW QUESTION # 40
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 # 41
An important step in the risk management process is selecting the proper risk management techniques. This procedure relies on the ability of the risk manager to forecast.
A) Identify two (2) forecasts which must be conducted if the organization is to establish meaningful priorities in treating loss exposures. (2 marks) B) Once forecasting has been done, each alternative risk management technique is assessed in accordance with two (2) selection criteria. Identify those criteria. (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Two required forecasts are:
1. The expected frequency and severity of losses.
2. The effect that different risk control and risk financing techniques will have on the frequency, severity and predictability of those losses.
B) The two selection criteria are Effectiveness and Economy.
A third forecast used in the CAIB process is the cost of the risk management techniques.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Step Three: Select Risk Management Technique(s), Forecasting, reference p. 6-23.


NEW QUESTION # 42
DEFINE: EXTENDED REPORTING PERIOD (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
An Extended Reporting Period is extra time after a claims-made policy ends during which a claim can still be reported for an occurrence or wrongful act that happened during the covered period, subject to the policy terms and any retroactive date.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 2 - Claims-Made coverage and Extended Reporting Period, reference p. 2-40.


NEW QUESTION # 43
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 # 44
A) Which of the following coverages is for paying, "all amounts that you are legally obligated to pay to a person, other than a passenger, for bodily injury or property damage" arising out of the "use, ownership, or maintenance of the aircraft?" Please provide the full name. (1 mark) B) Provide two (2) examples of what this coverage can be extended to include? (2 marks) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Liability Coverage - Bodily Injury and Property Damage to Third Parties.
B) Two examples of extensions are:
1. Damage to aircraft hangars or premises leased or occupied by the insured.
2. Emergency service expenses, such as runway foaming, fire/crash rescue or search and rescue.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Third-Party Bodily Injury and Property Damage Liability and extensions.


NEW QUESTION # 45
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