IBABC CAIB-3 : Canadian Accredited Insurance Broker (CAIB 3) Exam
Exam Code: CAIB-3
Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
Updated: Sep 18, 2026
Q & A: 48 Questions and Answers
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IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Crime Insurance | |
| Reinsurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Marine Insurance | |
| Directors' and Officers' Liability Insurance | |
| Aviation Insurance | |
| Business Interruption Insurance | |
| Surety Bonding | |
| Cyber Insurance |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
Your travel agent, Wanda Off, is concerned about the loss of business that might result if her building were to be destroyed by a fire or major storm.
A) Upon your recommendation, Wanda agreed to purchase the Extra Expense Endorsement Form. State the purpose of this coverage form and provide an example of an expense insured. (2 marks) B) Wanda purchased $20,000 coverage under a 40/70/90/100% form. She had a fire loss this past winter but was able to resume operations at alternative premises until her building was repaired 80 days later. What would the insurer's maximum liability have been in this situation? (1 mark) (3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
A) The Extra Expense Endorsement pays necessary extra costs to keep the business operating as normally as possible after an insured loss. An example would be the cost of renting temporary office space while the damaged premises are being repaired.
B) The business operated at temporary premises for 80 days, so the 90% limit applies. $20,000 x 90% =
$18,000. The insurer's maximum liability is $18,000.
Reference: CAIB 3 Training & Study Pack - Business Interruption: Extra Expense Endorsement and monthly
/period limitation.
DEFINE: ROBBERY (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Robbery is the unlawful taking of property from a person by force or violence, or by threatening force or violence.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: robbery and custodian coverage.
Which of the following best describes the insured's involvement in reinsurance? (1 mark)
- A. The insured and insurer will discuss the reinsurer together.
- B. The insured is the one to engage a reinsurer.
- C. The insured must approve the reinsurer.
- D. The insured is unaware there is a reinsurer.
Correct Answer: D 🗳️
Explanation: Only visible for PDFDumps members. You can sign-up / login (it's free).
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: EXTENDED REPORTING PERIOD (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
An Extended Reporting Period is extra time after a claims-made policy ends during which a claim can still be reported for an occurrence or wrongful act that happened during the covered period, subject to the policy terms and any retroactive date.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 2 - Claims-Made coverage and Extended Reporting Period, reference p. 2-40.
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