IBABC CAIB-3 Technical Training | CAIB-3 Valid Test Notes

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IBABC CAIB-3 Exam Syllabus Topics:

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

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CAIB-3 Valid Test Notes, CAIB-3 Cert Exam

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q47-Q52):

NEW QUESTION # 47
A) What is a third-party cyber event? Provide an example. (2 marks)
B) What is an example of a third-party cyber loss? (1 mark)
(3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) A third-party cyber event is a cyber incident involving the insured that causes harm or loss to another person or organization. Example: a hacker steals customers' personal information from the insured's computer system.
B) An example of a third-party cyber loss is legal defence costs or damages from a customer lawsuit after a privacy breach.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: third-party events and cyber liability losses.


NEW QUESTION # 48
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 # 49
Which of the following best describes the insured's involvement in reinsurance? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: Reinsurance is a contract between the primary insurer (cedent) and the reinsurer. The original insured is normally not a party to that contract and usually has no direct involvement with the reinsurer. The primary insurer remains responsible to the insured under the original policy.
Reference: CAIB 3 Training & Study Pack - Reinsurance: relationship between insured, cedent and reinsurer.


NEW QUESTION # 50
All of the following are differences between Directors' and Officers' Liability insurance and other types of liability insurance, EXCEPT ONE. Identify the EXCEPTION. (1 mark)

Answer: D

Explanation:
Comprehensive Explanation: In the D & O wording being tested, defence costs are included within and reduce the policy limit rather than being paid in addition to the limit. The application forming part of the policy and the insurer's right to associate in the defence are also features that must be reviewed in D & O coverage. Therefore D is the exception.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: defence costs, application and defence provisions.


NEW QUESTION # 51
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 # 52
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