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Updated: Sep 19, 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 |
| Related Certifications: | Canadian Accredited Insurance Broker (CAIB 4) Canadian Accredited Insurance Broker (CAIB 2) Canadian Accredited Insurance Broker (CAIB 1) |
| Available Languages: | English |
| Exam Format: | Definition questions, Short-answer questions, Multiple-choice questions |
| Certificate Validity Period: | The CAIB designation is earned after passing all four CAIB exams; no separate exam expiration period is specified by IBABC |
| Exam Price: | Included with CAIB New Edition 1.0 study-material purchase; standalone exam purchase is no longer available |
| Exam Duration: | 210 minutes |
| Passing Score: | 60% |
| Recommended Training: | IBABC CAIB New Edition 1.0 IBABC CAIB Modules |
| Exam Registration: | IBABC Exam Registration IBABC CAIB New Edition 1.0 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 |
|---|---|
| Reinsurance | |
| Cyber Insurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Surety Bonding | |
| Business Interruption Insurance | |
| Crime Insurance | |
| Directors' and Officers' Liability Insurance | |
| Aviation Insurance | |
| Marine Insurance |
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
DEFINE: RETROCESSION (1 mark)
Reveal Solution Discussion 0Correct 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.
A primary insurer was offered a risk requiring $100 million of insurance, but only had capacity to underwrite
$40 million, so they opted for facultative reinsurance.
A) If the risk is reinsured using pro rata facultative insurance, how much of the coverage would belong to the primary insurer and how much does the reinsurer take on? (2 marks) B) What would it mean if they chose to use excess-of-loss facultative reinsurance instead? (1 mark) (3 marks)
Correct Answer:
See the answer in Explanation below.
Explanation:
A) The primary insurer would retain $40 million and the reinsurer would take $60 million. Under pro rata reinsurance, premiums and losses are shared in the agreed proportion.
B) With excess-of-loss reinsurance, the primary insurer would pay losses up to its $40 million retention, and the reinsurer would pay the amount above $40 million, up to the agreed reinsurance limit.
Reference: CAIB 3 Training & Study Pack - Reinsurance: facultative, pro rata and excess-of-loss reinsurance.
There are many details required by underwriters for cyber insurance. Name six (6) of those details required. (3 marks) See the answer in Explanation below.
Reveal Solution Discussion 0Correct Answer:
Six details an underwriter may require are:
1. Type and size of the business.
2. Annual revenue.
3. Type and amount of confidential or personal data stored.
4. Computer and network security controls.
5. Backup and disaster recovery procedures.
6. Past cyber incidents or claims.
Reference: CAIB 3 Training & Study Pack - Cyber Insurance: underwriting information and cyber controls.
A bill of lading serves three (3) purposes. What are those purposes? (3 marks)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
A bill of lading serves as:
1. A contract of carriage between the shipper and carrier.
2. A receipt for the goods shipped.
3. A document of title to the goods.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance: Bill of Lading, reference p. 4-6.
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.
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