CAIB-3 Valid Exam Forum - CAIB-3 Exam Review

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IBABC CAIB-3 Exam Syllabus Topics:

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

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Quiz 2026 Newest CAIB-3: Canadian Accredited Insurance Broker (CAIB 3) Exam Valid Exam Forum

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IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam Sample Questions (Q36-Q41):

NEW QUESTION # 36
Provide three (3) examples of miscellaneous bonds. (3 marks)

Answer:

Explanation:
See the answer in Explanation below.
Explanation:
Three examples of miscellaneous bonds are:
1. Customs and Excise Bond.
2. Lost Document Bond.
3. Consignment Bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: Miscellaneous Bonds.
Other examples include Utility Payment and Land Restoration Bonds.


NEW QUESTION # 37
When considering the interaction of loss frequency and loss severity with the Prouty Approach, if the loss severity is significant and the loss frequency is almost nil, how should the loss be financed? (1 mark)

Answer: B

Explanation:
Comprehensive Explanation: Under the Prouty Approach, a loss with significant severity but an almost nil frequency is normally retained. The event is unlikely to occur often enough to justify transferring every such exposure, provided the organization can financially absorb the loss.
Reference: CAIB 3 Training & Study Pack - Risk Management: Prouty Approach, frequency/severity matrix and risk financing.


NEW QUESTION # 38
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 # 39
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 # 40
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 # 41
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