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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q42-Q47):

NEW QUESTION # 42
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 # 43
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 # 44
Your travel agent, Wanda Off, is concerned about the loss of business that might result if her building were to be destroyed by a fire or major storm.
A) Upon your recommendation, Wanda agreed to purchase the Extra Expense Endorsement Form. State the purpose of this coverage form and provide an example of an expense insured. (2 marks) B) Wanda purchased $20,000 coverage under a 40/70/90/100% form. She had a fire loss this past winter but was able to resume operations at alternative premises until her building was repaired 80 days later. What would the insurer's maximum liability have been in this situation? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) The Extra Expense Endorsement pays necessary extra costs to keep the business operating as normally as possible after an insured loss. An example would be the cost of renting temporary office space while the damaged premises are being repaired.
B) The business operated at temporary premises for 80 days, so the 90% limit applies. $20,000 x 90% =
$18,000. The insurer's maximum liability is $18,000.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Extra Expense Endorsement and monthly
/period limitation.


NEW QUESTION # 45
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 # 46
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 # 47
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