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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 |
| 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 |
| Risk Management and Underwriting | - Commercial underwriting principles - Risk identification and assessment - Loss control and risk mitigation strategies |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
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.
Your client chartered a boat to transport some goods. While parked at the terminal overnight, some thieves went aboard and stole some cargo. Upon investigation, it looks like the terminal's security was negligent, allowing the thieves to easily enter the premises.
A) Which liability insurance will cover this loss? (1 mark)
B) Your client is adamant that they should not be responsible. They want to sue - who can they hold responsible? (1 mark) C) Which liability insurance will protect against this litigation? (1 mark) (3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
A) Charterer's Legal Liability can protect the charterer for legal liability arising from the chartered vessel.
B) The terminal operator can be held responsible if its negligent security caused or contributed to the theft.
C) Terminal Operator's Legal Liability insurance can protect the terminal operator against this type of liability claim.
Reference: CAIB 3 Training & Study Pack - Marine Insurance: charterers' liability and terminal operators' legal liability.
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)
- A. Watchman.
- B. Janitor.
- C. Guard.
- D. Insured's partner.
Correct Answer: D 🗳️
Explanation: Only visible for TestBraindump members. You can sign-up / login (it's free).
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)
- A. Consignment bonds.
- B. Customs and excise bonds.
- C. Government bonds.
- D. Reclamation bonds.
Correct Answer: B 🗳️
Explanation: Only visible for TestBraindump 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.
