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Updated: Sep 18, 2026
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IBABC CAIB-3 Exam Overview:
| Certification Vendor: | Insurance Brokers Association of British Columbia (IBABC) / Insurance Brokers Association of Canada (IBAC) |
|---|---|
| Exam Name: | Canadian Accredited Insurance Broker (CAIB) 3 |
| Exam Number: | CAIB-3 |
| Available Languages: | English |
| Related Certifications: | General Insurance Salesperson Level 2 Licence (British Columbia) Canadian Accredited Insurance Broker (CAIB) |
| Exam Duration: | 210 minutes |
| Exam Format: | Short-answer, Multiple-choice, Definitions |
| Certificate Validity Period: | Exam registration expires 6 months from the date of purchase (current CAIB New Edition 1.0) |
| Exam Price: | CAD $395 |
| Passing Score: | 60% |
| Sample Questions: | IBABC CAIB-3 Sample Questions |
| Exam Way: | Online exam with proctoring options including IBABC Vancouver office, virtual proctoring, an active nominee or brokerage-appointed proctor, or an accredited educational institution. Current CAIB New Edition 1.0 exams are online. |
| Pre Condition: | CAIB 2 and CAIB 3 must be taken using the same 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 for the CAIB designation. |
| Official Syllabus URL: | https://ibabc.org/CAIBNewEdition |
IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Directors' and Officers' Liability Insurance | |
| Topic 2: Crime Insurance | |
| Topic 3: Cyber Insurance | |
| Topic 4: Business Interruption Insurance | |
| Topic 5: Reinsurance | |
| Topic 6: Marine Insurance | |
| Topic 7: Surety Bonding | |
| Topic 8: Aviation Insurance | |
| Topic 9: Risk Assessment for Advanced Commercial Risks |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
Does employee dishonesty coverage apply if the insured can not identify the employee responsible? Why or why not? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Yes, coverage can still apply even if the exact employee cannot be identified. The insured must be able to prove that the loss was caused by the dishonest act of one or more employees. An unexplained inventory shortage by itself may not be enough proof.
Reference: CAIB 3 Training & Study Pack - Crime Insurance: Employee Dishonesty and proof of loss.
What three (3) losses are the typical reasons for a net income loss exposure? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Three common reasons for a net income loss exposure are:
1. Business interruption.
2. Contingent business interruption.
3. Loss of profit on finished goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 6 - Risk Management, Net Income Loss Exposure, reference p. 6-3.
DEFINE: IN MOTION (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
An aircraft is considered in motion when it is in flight or moving under its own power. It is also considered in motion while a propeller or rotor is being rotated by engine power.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Aviation Insurance, reference p. 4-23.
Your client has gross earnings coverage. Although many of his employees are unskilled, and therefore readily replaceable, your client wants to protect them in the event of an interruption. Which of the following options is available to your client? (1 mark)
- A. Ordinary payroll can be covered for 120 days.
- B. Ordinary payroll can be covered for 180 days.
- C. Ordinary payroll can be covered for 90 days.
- D. Both A) or C).
Correct Answer: D 🗳️
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What are three (3) of the primary insurer's needs that can be satisfied through reinsurance? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Three needs that reinsurance can satisfy are:
1. Increase the insurer's underwriting capacity.
2. Protect the insurer against large or catastrophic losses.
3. Stabilize the insurer's loss results from year to year.
Reference: CAIB 3 Training & Study Pack - Reinsurance: capacity, catastrophe protection and stabilization.
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