CAIB-3 Study Materials, CAIB-3 Practice Guide

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IBABC CAIB-3 Exam Syllabus Topics:

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

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Free PDF Quiz IBABC - High Pass-Rate CAIB-3 - Canadian Accredited Insurance Broker (CAIB 3) Exam Study Materials

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q28-Q33):

NEW QUESTION # 28
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 # 29
Your client has gross earnings coverage. Although many of his employees are unskilled, and therefore readily replaceable, your client wants to protect them in the event of an interruption. Which of the following options is available to your client? (1 mark)

Answer: A

Explanation:
Comprehensive Explanation: The ordinary payroll limitation can be arranged for either 90 days or 180 days.
Since both A and C are available options, D is the best answer. This allows an insured to continue ordinary payroll for the selected period after an insured business interruption.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings and ordinary payroll limitation.


NEW QUESTION # 30
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 # 31
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 # 32
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)

Answer: D

Explanation:
Comprehensive Explanation: For cyber business interruption, the restoration period can end when systems are actually restored, when they should reasonably have been restored, or when the maximum time period stated in the policy is reached. The earliest applicable point normally controls, so D is the best answer.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: business interruption and period of restoration.


NEW QUESTION # 33
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