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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q30-Q35):

NEW QUESTION # 30
What governs the liability of aircraft owners and operators? (1 mark)

Answer: C

Explanation:
Comprehensive Explanation: The legal liability of aircraft owners and operators is generally determined by the principles of negligence. Deductibles, endorsements and the type of aircraft use affect insurance coverage, but they do not establish the basic legal responsibility for causing injury or property damage.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: aircraft liability and negligence.


NEW QUESTION # 31
DEFINE: RETROCESSION (1 mark)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Retrocession is reinsurance of reinsurance. It occurs when a reinsurer transfers part of the risk it has accepted to another reinsurer, called the retrocessionaire.
Reference: CAIB 3 Training & Study Pack - Reinsurance: retrocession and retrocessionaire.


NEW QUESTION # 32
What is the name of the bond that protects governments in the event that duties and taxes collected by the principal are not remitted to the government? (1 mark)

Answer: C

Explanation:
Comprehensive Explanation: A Customs and Excise Bond guarantees that the principal will comply with the applicable tax and customs requirements, including payment or remittance of duties and taxes owed to the government.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Miscellaneous Bonds: Customs and Excise Bonds.


NEW QUESTION # 33
What can be done to avoid coverage gaps when dealing with silent cyber exposures? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
1. Review existing policies to see where cyber coverage is unclear or silent.
2. Use clear wording or endorsements to show whether cyber losses are covered or excluded.
3. Purchase and coordinate a separate cyber policy for exposures that are not clearly covered elsewhere.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: silent cyber and coordination of coverage.


NEW QUESTION # 34
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)

Answer: B

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 # 35
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