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- Exam Code: CAIB-3
- Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
- Q & A: 48 Questions and Answers
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IBABC CAIB-3 dumps - Testing Engine
- Exam Code: CAIB-3
- Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
- Q & A: 48 Questions and Answers
- Software Price: $59.99
- Testing Engine
About IBABC Canadian Accredited Insurance Broker (CAIB 3) : CAIB-3 Exam Braindumps
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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Risk Management and Underwriting | - Commercial underwriting principles - Loss control and risk mitigation strategies - Risk identification and assessment |
| Topic 2: Specialty Insurance Lines | - Crime Insurance and Fidelity Coverage - Surety Bonds - Ocean Marine and Aviation Insurance |
| Topic 3: Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
| Topic 4: Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
The products/completed operations liability coverage is special because it recognizes the unique risks of the aviation industry.
A) What are the two (2) types of businesses/services that are covered by this? (2 marks) B) Why is it essential for brokers to determine if this coverage is needed? (1 mark) (3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
A) It is mainly needed by:
1. Businesses that manufacture or sell aircraft or aircraft parts.
2. Businesses that repair, service or maintain aircraft.
B) It is important because a claim may happen after the product has been sold or after the work has been completed, so the broker must make sure this exposure is properly covered.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Products/Completed Operations Liability.
DEFINE: RETROCESSION (1 mark)
Reveal Solution Discussion 0Correct Answer:
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.
A) When reinsurance is applied, who is considered the primary insurer? (1 mark) B) What term is used to describe the primary insurer? (1 mark) C) Who is the reinsurer? (1 mark) (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
A) The primary insurer is the insurance company that issued the original policy to the insured.
B) The primary insurer is called the cedent or ceding company.
C) The reinsurer is the insurance company that accepts the risk transferred by the cedent.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company and reinsurer.
From a risk management perspective, every loss exposure has three dimensions. What are the three (3) dimensions? (1 mark)
- A. Peril exposed, estimated frequency, estimated severity.
- B. Type of value exposed, peril causing loss, extent of potential resulting financial consequences.
- C. Property exposed, latency period, probability of loss.
- D. Estimated frequency, estimated severity, probability of recovery.
Correct Answer: B 🗳️
Explanation: Only visible for ITExamDownload members. You can sign-up / login (it's free).
DEFINE: FIXED EXPENSES (BUSINESS INTERRUPTION) (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Fixed expenses are expenses that continue during a business interruption and do not change directly with the level of sales or production. Examples include rent, property taxes, insurance and certain salaries.
Reference: CAIB 3 Training & Study Pack - Business Interruption: continuing and fixed expenses.
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