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IBABC CAIB-3 Exam Syllabus Topics:

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

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q25-Q30):

NEW QUESTION # 25
All of the shareholders of ABD company have come together in a class action lawsuit against the CEO because they have evidence that he artificially inflated the share price by misrepresenting the company's finances in their reporting.
A) Of the two (2) types of lawsuits made against directors and officers, which one is this? (1 mark) B) Do you think the shareholders will win this lawsuit? Why or why not? (2 marks) (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
A) This is a direct action because the shareholders are claiming for their own financial loss.
B) They have a strong case if they can prove the CEO made a material misrepresentation, that the misrepresentation caused the share price to be inflated, and that they suffered financial loss because of it. The final result would depend on the evidence and the legal requirements of the claim.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: direct actions and derivative actions.


NEW QUESTION # 26
What are three (3) of the primary insurer's needs that can be satisfied through reinsurance? (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Three needs that reinsurance can satisfy are:
1. Increase the insurer's underwriting capacity.
2. Protect the insurer against large or catastrophic losses.
3. Stabilize the insurer's loss results from year to year.
Reference: CAIB 3 Training & Study Pack - Reinsurance: capacity, catastrophe protection and stabilization.


NEW QUESTION # 27
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 # 28
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 # 29
Your client has gross earnings coverage. Although many of his employees are unskilled, and therefore readily replaceable, your client wants to protect them in the event of an interruption. Which of the following options is available to your client? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: The ordinary payroll limitation can be arranged for either 90 days or 180 days.
Since both A and C are available options, D is the best answer. This allows an insured to continue ordinary payroll for the selected period after an insured business interruption.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings and ordinary payroll limitation.


NEW QUESTION # 30
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