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| Section | Objectives |
|---|---|
| Topic 1: Reinsurance | |
| Topic 2: Risk Assessment for Advanced Commercial Risks | |
| Topic 3: Cyber Insurance | |
| Topic 4: Directors' and Officers' Liability Insurance | |
| Topic 5: Aviation Insurance | |
| Topic 6: Marine Insurance | |
| Topic 7: Crime Insurance | |
| Topic 8: Business Interruption Insurance | |
| Topic 9: Surety Bonding |
These practice exams are solely designed to help you achieve CAIB-3 certification on the first attempt. The mock exam simulator helps you get through every topic inside out and you get overall better grades. This is because you have hands-on the most updated and most reliable IBABC CAIB-3 Questions created under the supervision of 90,000 IBABC professionals.
NEW QUESTION # 36
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 # 37
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: C
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 # 38
A primary insurer was offered a risk requiring $100 million of insurance, but only had capacity to underwrite
$40 million, so they opted for facultative reinsurance.
A) If the risk is reinsured using pro rata facultative insurance, how much of the coverage would belong to the primary insurer and how much does the reinsurer take on? (2 marks) B) What would it mean if they chose to use excess-of-loss facultative reinsurance instead? (1 mark) (3 marks)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
A) The primary insurer would retain $40 million and the reinsurer would take $60 million. Under pro rata reinsurance, premiums and losses are shared in the agreed proportion.
B) With excess-of-loss reinsurance, the primary insurer would pay losses up to its $40 million retention, and the reinsurer would pay the amount above $40 million, up to the agreed reinsurance limit.
Reference: CAIB 3 Training & Study Pack - Reinsurance: facultative, pro rata and excess-of-loss reinsurance.
NEW QUESTION # 39
DEFINE: ROBBERY (1 mark)
Answer:
Explanation:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.
NEW QUESTION # 40
When considering the interaction of loss frequency and loss severity with the Prouty Approach, if the loss severity is significant and the loss frequency is almost nil, how should the loss be financed? (1 mark)
Answer: D
Explanation:
Comprehensive Explanation: Under the Prouty Approach, a loss with significant severity but an almost nil frequency is normally retained. The event is unlikely to occur often enough to justify transferring every such exposure, provided the organization can financially absorb the loss.
Reference: CAIB 3 Training & Study Pack - Risk Management: Prouty Approach, frequency/severity matrix and risk financing.
NEW QUESTION # 41
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