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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Risk Management and Underwriting | - Risk identification and assessment - Loss control and risk mitigation strategies - Commercial underwriting principles |
| Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
| Specialty Insurance Lines | - Surety Bonds - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage |
| Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
Fred's Fried Things is a busy fast food business and has protocol in place to make sure they don't have too much cash on site, depositing it at the bank twice per day. Today, while taking the first deposit to the bank, the manager is robbed at gunpoint. Is there coverage available for this loss? Why or why not? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Yes. This would be covered under Outside the Premises/Outside Robbery coverage. The manager is a custodian carrying the business money to the bank, and the money was taken by robbery at gunpoint. The loss would be covered subject to the policy limit and deductible.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Outside the Premises/Outside Robbery coverage and custodian.
Under the inside/outside robbery coverage, which of the following would qualify as a custodian? (1 mark)
- A. Guard.
- B. Insured's partner.
- C. Janitor.
- D. Watchman.
Correct Answer: B 🗳️
Explanation: Only visible for BootcampPDF members. You can sign-up / login (it's free).
An important step in the risk management process is selecting the proper risk management techniques. This procedure relies on the ability of the risk manager to forecast.
A) Identify two (2) forecasts which must be conducted if the organization is to establish meaningful priorities in treating loss exposures. (2 marks) B) Once forecasting has been done, each alternative risk management technique is assessed in accordance with two (2) selection criteria. Identify those criteria. (1 mark) (3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
A) Two required forecasts are:
1. The expected frequency and severity of losses.
2. The effect that different risk control and risk financing techniques will have on the frequency, severity and predictability of those losses.
B) The two selection criteria are Effectiveness and Economy.
A third forecast used in the CAIB process is the cost of the risk management techniques.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Step Three: Select Risk Management Technique(s), Forecasting, reference p. 6-23.
What are three (3) of the primary insurer's needs that can be satisfied through reinsurance? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Three needs that reinsurance can satisfy are:
1. Increase the insurer's underwriting capacity.
2. Protect the insurer against large or catastrophic losses.
3. Stabilize the insurer's loss results from year to year.
Reference: CAIB 3 Training & Study Pack - Reinsurance: capacity, catastrophe protection and stabilization.
A) What is a third-party cyber event? Provide an example. (2 marks)
B) What is an example of a third-party cyber loss? (1 mark)
(3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
A) A third-party cyber event is a cyber incident involving the insured that causes harm or loss to another person or organization. Example: a hacker steals customers' personal information from the insured's computer system.
B) An example of a third-party cyber loss is legal defence costs or damages from a customer lawsuit after a privacy breach.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: third-party events and cyber liability losses.
