Realistic IBABC - CAIB-3 Exam Cram Free PDF Quiz

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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q34-Q39):

NEW QUESTION # 34
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 # 35
In reviewing Directors' and Officers' Liability Insurance policy forms, brokers must take care to compare the differences in coverage between insurers. There are many elements to review - list six (6) of those elements.
(3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Six items a broker should compare are:
1. Who is included in the definition of insured.
2. The definition of a wrongful act.
3. Policy limits and deductibles/retentions.
4. Whether defence costs are inside or outside the limit.
5. Exclusions and coverage extensions.
6. Claims-made provisions, including prior acts/retroactive dates and the Extended Reporting Period.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: comparing D & O policy forms.


NEW QUESTION # 36
Which of the following best describes the insured's involvement in reinsurance? (1 mark)

Answer: C

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 # 37
A bill of lading serves three (3) purposes. What are those purposes? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A bill of lading serves as:
1. A contract of carriage between the shipper and carrier.
2. A receipt for the goods shipped.
3. A document of title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Bill of Lading, reference p. 4-6.


NEW QUESTION # 38
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 # 39
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