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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Risk Management and Underwriting | - Loss control and risk mitigation strategies - Risk identification and assessment - Commercial underwriting principles |
| Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
| Specialty Insurance Lines | - Surety Bonds - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
Name and explain where judicial bonds are filed. (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Judicial bonds are bonds required in connection with court proceedings. Depending on the matter, they may be filed with:
1. A probate court - usually for fiduciary matters such as estates, guardians or trustees.
2. A court of equity - usually for court actions involving plaintiffs or defendants.
The two broad classes of judicial bonds are Court Bonds and Fiduciary Bonds.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Judicial Bonds: Court Bonds and Fiduciary Bonds.
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) 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.
There are a wide variety of techniques or sources that can be used to systematically identify loss exposure.
List and briefly describe three (3) of them. (3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
1. Surveys or questionnaires - ask structured questions about the business and its operations to identify possible exposures.
2. Financial statements and records - show assets, income, expenses and other areas where the business could suffer a financial loss.
3. Personal inspections - a physical inspection of the premises can identify hazards and exposures that may not appear in the paperwork.
Reference: CAIB 3 Training & Study Pack - Risk Management: techniques for identifying loss exposures.
A) How does the Directors' and Officers' Liability insurance protect the organization? Name the specific coverage element. (2 marks) B) Which coverage element might cover costs of defence related to allegations of pollution? (1 mark) (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
A) Company Reimbursement Coverage (Side B) reimburses the organization for amounts it is legally permitted to pay to indemnify its directors and officers for covered claims.
B) Pollution Defence Costs Coverage may cover defence costs arising from allegations of pollution, subject to the policy wording.
Reference: CAIB 3 Training & Study Pack - Directors' and Officers' Liability: Company Reimbursement and Pollution Defence Costs.
