Learn with IBABC : CAIB-3 training material for 100% pass
Updated: Sep 18, 2026
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IBABC CAIB-3 Exam Overview:
| Certification Vendor: | Insurance Brokers Association of Canada (IBAC) / Insurance Brokers Association of British Columbia (IBABC) |
|---|---|
| Exam Name: | Canadian Accredited Insurance Broker (CAIB 3) |
| Exam Number: | CAIB 3 |
| Exam Price: | Included with CAIB New Edition 1.0 study-material purchase; standalone exam purchase is no longer available |
| Available Languages: | English |
| Certificate Validity Period: | The CAIB designation is earned after passing all four CAIB exams; no separate exam expiration period is specified by IBABC |
| Exam Duration: | 210 minutes |
| Passing Score: | 60% |
| Exam Format: | Definition questions, Short-answer questions, Multiple-choice questions |
| Related Certifications: | Canadian Accredited Insurance Broker (CAIB 1) Canadian Accredited Insurance Broker (CAIB 2) Canadian Accredited Insurance Broker (CAIB 4) |
| Recommended Training: | IBABC CAIB New Edition 1.0 IBABC CAIB Modules |
| Exam Registration: | IBABC CAIB New Edition 1.0 Registration IBABC Exam Registration |
| Sample Questions: | IBABC CAIB-3 Sample Questions |
| Exam Way: | Online computer-based examination with proctoring. Available options include IBABC office, virtual proctoring, an active nominee or brokerage-appointed proctor, or an accredited educational institution. The exam is closed book. |
| Pre Condition: | CAIB 2 and CAIB 3 must be taken using the same textbook edition. Successful completion of both CAIB 2 and CAIB 3 qualifies for the General Insurance Salesperson Level 2 Licence in British Columbia. All four CAIB exams are required to obtain the CAIB designation. |
| Official Syllabus URL: | https://ibabc.org/CAIBNewEdition |
IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Surety Bonding | |
| Marine Insurance | |
| Business Interruption Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Aviation Insurance | |
| Crime Insurance | |
| Directors' and Officers' Liability Insurance | |
| Cyber Insurance | |
| Reinsurance |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
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)
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.
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.
There are a wide variety of techniques or sources that can be used to systematically identify loss exposure.
List and briefly describe three (3) of them. (3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
1. Surveys or questionnaires - ask structured questions about the business and its operations to identify possible exposures.
2. Financial statements and records - show assets, income, expenses and other areas where the business could suffer a financial loss.
3. Personal inspections - a physical inspection of the premises can identify hazards and exposures that may not appear in the paperwork.
Reference: CAIB 3 Training & Study Pack - Risk Management: techniques for identifying loss exposures.
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.
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)
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.
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