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

Exam Code: CAIB-3
Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
Updated: Sep 29, 2026 Q & A: 48 Questions and Answers

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IBABC CAIB-3 Exam Syllabus Topics:

Section	Objectives
Commercial Automobile Insurance	- Garage and fleet exposures - Commercial auto policy forms and coverages
Specialty Insurance Lines	- Surety Bonds - Crime Insurance and Fidelity Coverage - Ocean Marine and Aviation Insurance
Risk Management and Underwriting	- Loss control and risk mitigation strategies - Risk identification and assessment - Commercial underwriting principles
Commercial General Liability Insurance	- CGL policy structure, coverages, and endorsements - Legal perspective and liability exposures

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

Question #1

DEFINE: RETROCESSION (1 mark)

Reveal Solution Discussion 0

Correct 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.

Question #2

Not everyone can qualify for a surety bond.
A) Identify the three (3) criteria which form the basis of the credit approval of every applicant for bonding. (1
1/2 marks)
B) Identify one (1) factor under each of the criteria stated above which the surety company would consider. (1
1/2 marks)
(3 marks)

Reveal Solution Discussion 0

Correct Answer:

See the answer in Explanation below.
Explanation:
A) The three criteria are Character, Capacity and Capital.
B) One factor under each is:
- Character: honesty, reputation and past record.
- Capacity: experience and ability to complete the work.
- Capital: financial strength and available working capital.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Qualifying for a Surety Bond:
Character, Capacity and Capital.

Question #3

The products/completed operations liability coverage is special because it recognizes the unique risks of the aviation industry.
A) What are the two (2) types of businesses/services that are covered by this? (2 marks) B) Why is it essential for brokers to determine if this coverage is needed? (1 mark) (3 marks)

Reveal Solution Discussion 0

Correct Answer:

See the answer in Explanation below.
Explanation:
A) It is mainly needed by:
1. Businesses that manufacture or sell aircraft or aircraft parts.
2. Businesses that repair, service or maintain aircraft.
B) It is important because a claim may happen after the product has been sold or after the work has been completed, so the broker must make sure this exposure is properly covered.
Reference: CAIB 3 Training & Study Pack - Aviation Insurance: Products/Completed Operations Liability.

Question #4

Which of the following best describes the insured's involvement in reinsurance? (1 mark)

A. The insured is the one to engage a reinsurer.
B. The insured must approve the reinsurer.
C. The insured and insurer will discuss the reinsurer together.
D. The insured is unaware there is a reinsurer.

Reveal Solution Discussion 0

Correct Answer: D 🗳️

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Question #5

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)