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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Reinsurance | |
| Cyber Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Aviation Insurance | |
| Surety Bonding | |
| Directors' and Officers' Liability Insurance | |
| Business Interruption Insurance | |
| Marine Insurance | |
| Crime Insurance |
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.
DEFINE: FRAUD (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Fraud is an intentional act of deception, misrepresentation or dishonesty used to obtain money, property or another benefit, or to cause another person a financial loss.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: fraud and dishonest acts.
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.
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.
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.
