IBABC CAIB-3 Value Pack
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- Exam Code: CAIB-3
- Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
- Updated: Sep 19, 2026
- Q & A: 48 Questions and Answers
- PDF Version + PC Test Engine + Online Test Engine
- Value Pack Total: $119.98 $79.99
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IBABC CAIB-3 dumps - Testing Engine
- Exam Code: CAIB-3
- Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
- Updated: Sep 19, 2026
- Q & A: 48 Questions and Answers
- Software Price: $59.99
- Testing Engine
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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Aviation Insurance | |
| Topic 2: Risk Assessment for Advanced Commercial Risks | |
| Topic 3: Marine Insurance | |
| Topic 4: Directors' and Officers' Liability Insurance | |
| Topic 5: Crime Insurance | |
| Topic 6: Surety Bonding | |
| Topic 7: Business Interruption Insurance | |
| Topic 8: Reinsurance | |
| Topic 9: Cyber Insurance |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
While very similar, there are some key differences between the coverages provided under the profits form and the gross earnings form. Name three (3) of those key differences. (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
1. Gross Earnings coverage normally ends when the damaged property is repaired, rebuilt or replaced. The Profits Form can continue until the business income returns to the level it would have reached, subject to the selected indemnity period.
2. Under Gross Earnings, delays caused by the insured or other people involved can reduce the claim. Under the Profits Form, the focus is on delays for which the insured is responsible.
3. The Profits Form can cover income loss caused by delays in complying with building by-laws, while the Gross Earnings Form does not cover that additional delay in the same way.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Gross Earnings Form compared with the Profits Form.
What are incoterms? Choose the best option below. (1 mark)
- A. A standard set of terms defining responsibility during loading and offloading.
- B. A standard set of terms used to define key aspects of freight forwarding.
- C. A standard set of terms used to define ownership of property.
- D. A standard set of terms defining harbors and destinations.
Correct Answer: A 🗳️
Explanation: Only visible for ITExamDownload members. You can sign-up / login (it's free).
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.
In reviewing Directors' and Officers' Liability Insurance policy forms, brokers must take care to compare the differences in coverage between insurers. There are many elements to review - list six (6) of those elements.
(3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
Six items a broker should compare are:
1. Who is included in the definition of insured.
2. The definition of a wrongful act.
3. Policy limits and deductibles/retentions.
4. Whether defence costs are inside or outside the limit.
5. Exclusions and coverage extensions.
6. Claims-made provisions, including prior acts/retroactive dates and the Extended Reporting Period.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: comparing D & O policy forms.
Why is business interruption coverage important? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
1. It replaces income or earnings lost while the business cannot operate normally after an insured loss.
2. It helps pay continuing expenses such as rent, taxes and salaries while income is reduced.
3. It helps the business survive the interruption and return to normal operations without using up all of its working capital.
Reference: CAIB 3 Training & Study Pack - Business Interruption: purpose of business interruption insurance.
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