Exam Name: Canadian Accredited Insurance Broker (CAIB 3) Exam
Certification Provider: IBABC
Corresponding Certification: Level 2 General Insurance License
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Updated: Sep 18, 2026
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- Total Questions: 48
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- Total Questions: 48
- Updated on: Sep 18, 2026
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- Total Questions: 48
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Different candidates prepare for IBABC Canadian Accredited Insurance Broker (CAIB 3) in different ways, and Actual4dump supports PDF study, a desktop test engine, and an online test engine. The CAIB-3 package gives you 48 practice questions in a format that can match your routine in 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 |
| Exam Duration: | 210 minutes |
| Passing Score: | 60% |
| Exam Price: | CAD $395 |
| Certificate Validity Period: | Exam registration expires 6 months from the date of purchase (current CAIB New Edition 1.0) |
| Related Certifications: | Canadian Accredited Insurance Broker (CAIB) General Insurance Salesperson Level 2 Licence (British Columbia) |
| Exam Format: | Definitions, Multiple-choice, Short-answer |
| Available Languages: | English |
| Sample Questions: | DOWNLOAD DEMO |
| 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 |
|---|---|
| Crime Insurance | |
| Cyber Insurance | |
| Business Interruption Insurance | |
| Marine Insurance | |
| Directors' and Officers' Liability Insurance | |
| Surety Bonding | |
| Reinsurance | |
| Risk Assessment for Advanced Commercial Risks | |
| Aviation Insurance |
IBABC Canadian Accredited Insurance Broker (CAIB 3): Frequently Asked Questions
The CAIB-3 exam leads to the Level 2 General Insurance License certification from Insurance Brokers Association of British Columbia (IBABC) / Insurance Brokers Association of Canada (IBAC). It is positioned at the Level 2 level. The exam validates the knowledge and skills expected of candidates preparing for IBABC Canadian Accredited Insurance Broker (CAIB 3).
Related certifications include:
- Canadian Accredited Insurance Broker (CAIB)
- General Insurance Salesperson Level 2 Licence (British Columbia)
The passing score for CAIB-3 is 60%, and the official exam fee is CAD $395. Because a retake requires paying the exam fee again, use timed practice results as a readiness check before scheduling your next attempt. If your performance remains inconsistent, continue reviewing weak domains and repeat a timed session before booking the exam.
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.
Eligibility rules can change, so confirm the current requirements on the official exam page before registering.
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The current CAIB-3 outline is organized into 9 top-level domains. The first listed areas include:
- Directors' and Officers' Liability Insurance
- Aviation Insurance
- Business Interruption Insurance
Review the Exam Topics section above for the complete outline and any nested subtopics.
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
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.
DEFINE: SURETY (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
The surety is the party that guarantees the principal will fulfill an obligation to the obligee. If the principal defaults, the surety may have to perform or pay according to the bond.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 5 - Surety Bonds: principal, obligee and surety.
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.
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.
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.
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