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IBABC CAIB-3 Exam Syllabus Topics:

SectionObjectives
Topic 1: Risk Management and Underwriting- Commercial underwriting principles
- Risk identification and assessment
- Loss control and risk mitigation strategies
Topic 2: Commercial General Liability Insurance- CGL policy structure, coverages, and endorsements
- Legal perspective and liability exposures
Topic 3: Commercial Automobile Insurance- Commercial auto policy forms and coverages
- Garage and fleet exposures
Topic 4: Specialty Insurance Lines- Surety Bonds
- Crime Insurance and Fidelity Coverage
- Ocean Marine and Aviation Insurance

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q27-Q32):

NEW QUESTION # 27
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 # 28
DEFINE: SURETY (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
The surety is the party that guarantees the principal will fulfill an obligation to the obligee. If the principal defaults, the surety may have to perform or pay according to the bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: principal, obligee and surety.


NEW QUESTION # 29
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 # 30
Why is business interruption coverage important? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. It replaces income or earnings lost while the business cannot operate normally after an insured loss.
2. It helps pay continuing expenses such as rent, taxes and salaries while income is reduced.
3. It helps the business survive the interruption and return to normal operations without using up all of its working capital.
Reference: CAIB 3 Training & Study Pack - Business Interruption: purpose of business interruption insurance.


NEW QUESTION # 31
There are a wide variety of techniques or sources that can be used to systematically identify loss exposure.
List and briefly describe three (3) of them. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. Surveys or questionnaires - ask structured questions about the business and its operations to identify possible exposures.
2. Financial statements and records - show assets, income, expenses and other areas where the business could suffer a financial loss.
3. Personal inspections - a physical inspection of the premises can identify hazards and exposures that may not appear in the paperwork.
Reference: CAIB 3 Training & Study Pack - Risk Management: techniques for identifying loss exposures.


NEW QUESTION # 32
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