IBABC Canadian Accredited Insurance Broker (CAIB 3) : CAIB-3
- Exam Code: CAIB-3
- Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
- Updated: Sep 20, 2026
- Q & A: 48 Questions and Answers
About IBABC CAIB-3 Exam
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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Specialty Insurance Lines | - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage - Surety Bonds |
| Topic 2: Risk Management and Underwriting | - Commercial underwriting principles - Loss control and risk mitigation strategies - Risk identification and assessment |
| Topic 3: Commercial Automobile Insurance | - Garage and fleet exposures - Commercial auto policy forms and coverages |
| Topic 4: Commercial General Liability Insurance | - CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
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.
Your client has hired his cousin as an employee. Several years ago, this cousin was charged and convicted of fraud, and your client feels that they should assist the cousin's return to the workforce. Are there any implications from the fraud conviction under the Comprehensive 3D policy? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Yes. Employee dishonesty coverage normally does not apply to an employee once the insured knows that the employee has committed a dishonest or fraudulent act. Since the client already knows about the cousin's fraud conviction, a dishonesty loss caused by the cousin would normally not be covered unless the insurer specifically agrees to cover that employee. The conviction should be disclosed to the insurer.
Reference: CAIB 3 Training & Study Pack - Crime Insurance/Comprehensive 3D: termination of employee dishonesty coverage after known dishonest acts.
What are incoterms? Choose the best option below. (1 mark)
- A. A standard set of terms defining responsibility during loading and offloading.
- B. A standard set of terms defining harbors and destinations.
- C. A standard set of terms used to define ownership of property.
- D. A standard set of terms used to define key aspects of freight forwarding.
Correct Answer: A 🗳️
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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.
DEFINE: CEDENT (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
A cedent, or ceding company, is the insurer or reinsurer that transfers part of a risk to another reinsurer.
Reference: CAIB 3 Training & Study Pack - Reinsurance: cedent/ceding company terminology.
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