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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Aviation Insurance | |
| Topic 2: Directors' and Officers' Liability Insurance | |
| Topic 3: Risk Assessment for Advanced Commercial Risks | |
| Topic 4: Surety Bonding | |
| Topic 5: Cyber Insurance | |
| Topic 6: Crime Insurance | |
| Topic 7: Business Interruption Insurance | |
| Topic 8: Reinsurance | |
| Topic 9: Marine Insurance |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
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.
What can be done to avoid coverage gaps when dealing with silent cyber exposures? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
1. Review existing policies to see where cyber coverage is unclear or silent.
2. Use clear wording or endorsements to show whether cyber losses are covered or excluded.
3. Purchase and coordinate a separate cyber policy for exposures that are not clearly covered elsewhere.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: silent cyber and coordination of coverage.
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. Estimated frequency, estimated severity, probability of recovery.
- D. Property exposed, latency period, probability of loss.
Correct Answer: B 🗳️
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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.
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.
