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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q45-Q50):

NEW QUESTION # 45
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)

A. The application forms part of the policy.
B. Defence costs are included in addition to the limit.
C. Defence costs are included with the limit.
D. The right to associate with the defence.

Answer: B

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 # 46
Which of the following most accurately describes the period of coverage for a cyber insurance policy? (1 mark)

A. The date when systems are restored.
B. Any of the above, depending on which is earliest.
C. The date when systems should have been restored.
D. A fixed time period, which can range from 30 days to 12 months following the date of loss, depending on the insurance policy.

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 # 47
From a risk management perspective, every loss exposure has three dimensions. What are the three (3) dimensions? (1 mark)

A. Estimated frequency, estimated severity, probability of recovery.
B. Type of value exposed, peril causing loss, extent of potential resulting financial consequences.
C. Peril exposed, estimated frequency, estimated severity.
D. Property exposed, latency period, probability of loss.

Answer: B

Explanation:
Comprehensive Explanation: CAIB risk management analyzes a loss exposure by looking at the type of value exposed, the peril that could cause the loss, and the possible financial consequences. Frequency and severity are important later when the financial consequences are analyzed, but they are not the three dimensions asked for here.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, loss exposure dimensions, reference p. 6-3.

NEW QUESTION # 48
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 # 49
A) How does the Directors' and Officers' Liability insurance protect the organization? Name the specific coverage element. (2 marks) B) Which coverage element might cover costs of defence related to allegations of pollution? (1 mark) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) Company Reimbursement Coverage (Side B) reimburses the organization for amounts it is legally permitted to pay to indemnify its directors and officers for covered claims.
B) Pollution Defence Costs Coverage may cover defence costs arising from allegations of pollution, subject to the policy wording.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: Company Reimbursement and Pollution Defence Costs.

NEW QUESTION # 50
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