IBABC Canadian Accredited Insurance Broker (CAIB 3) : CAIB-3

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IBABC CAIB-3 Exam Syllabus Topics:

IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:

Question #1
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)

Question #2
DEFINE: PARTICULAR AVERAGE (1 mark)

Question #3
All of the following are differences between Directors' and Officers' Liability insurance and other types of liability insurance, EXCEPT ONE. Identify the EXCEPTION. (1 mark)

A. Defence costs are included with the limit.
B. The right to associate with the defence.
C. Defence costs are included in addition to the limit.
D. The application forms part of the policy.

Question #4
What are incoterms? Choose the best option below. (1 mark)

A. A standard set of terms used to define key aspects of freight forwarding.
B. A standard set of terms used to define ownership of property.
C. A standard set of terms defining responsibility during loading and offloading.
D. A standard set of terms defining harbors and destinations.

Question #5
DEFINE: SURETY (1 mark)

Solutions: