Canadian Accredited Insurance Broker (CAIB 3) Exam: CAIB-3 Exam
"Canadian Accredited Insurance Broker (CAIB 3) Exam", also known as CAIB-3 exam, is a IBABC Certification. With the complete collection of questions and answers, ExamcollectionPass has assembled to take you through 48 Q&As to your CAIB-3 Exam preparation. In the CAIB-3 exam resources, you will cover every field and category in Level 2 General Insurance License Certification helping to ready you for your successful IBABC Certification.
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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Risk Management and Underwriting | - Risk identification and assessment - Loss control and risk mitigation strategies - Commercial underwriting principles |
| Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Specialty Insurance Lines | - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage - Surety Bonds |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
DEFINE: PARTICULAR AVERAGE (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Particular average is a partial loss to a specific marine shipment caused by an insured peril, other than a General Average loss.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance, Particular Average, reference p. 4-16.
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A) Name two (2) major types of inland marine coverages written today. (2 marks) B) What is an example of another inland marine policy coverage written to handle expensive and unique property situations? (1 mark) (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
A) Two major inland marine coverages are:
1. Property being transported.
2. Buildings under construction (Builder's Risk).
B) Fine Arts coverage is an example of inland marine insurance for expensive or unique property.
Reference: CAIB 3 Training & Study Pack - Marine/Inland Marine: transportation, Builder's Risk and floaters for valuable property.
DEFINE: ROBBERY (1 mark)
Reveal Solution Discussion 0Correct Answer:
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.
What three (3) losses are the typical reasons for a net income loss exposure? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Three common reasons for a net income loss exposure are:
1. Business interruption.
2. Contingent business interruption.
3. Loss of profit on finished goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, Net Income Loss Exposure, reference p. 6-3.
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)
- A. Guard.
- B. Insured's partner.
- C. Watchman.
- D. Janitor.
Correct Answer: B 🗳️
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