Ever wonder what the CAIB Exams consist of?
How many questions are on CAIB Key Terms?
Is there a multiple choice component?
And how many marks are the open ended general questions worth?
To help you prep for your CAIB Exam here is a quick reference list of the structure of CAIB exams and even some sample questions and answers.
Outline of CAIB Exams
The CAIB I exam is structured as follows:
PART I – KEY TERMS (1 MARK EACH = 12 MARKS)
Students will be required to define 12 insurance terms contained in the course material.
PART II – MULTIPLE CHOICE (1 MARK EACH = 10 MARKS)
Students will be required to answer 10 multiple choice questions. Only one answer is correct for each question. Please be sure that all questions are answered in examination booklet.
PART III – GENERAL QUESTIONS (3 MARKS EACH = 78 MARKS)
Students will be required to answer 26 questions. The questions will focus on the students ability to:
–identify or recall relevant information;
–explain the relevance of certain insurance terms or concepts;
-provide examples which support the concept being tested.
Sample CAIB Exam Questions and Answers
PART 1 – KEY TERMS
Sample Question: Define – MATERIAL FACT
Answer: (1 mark)
A MATERIAL FACT is a fact which if communicated to the insurer, would induce it either to decline the insurance altogether, or not accept it unless a higher premium is paid.
PART 2 – MULTIPLE CHOICE
Sample Question:
The Consequential Loss Assumption Clause is designed to insure:
(A) damage to refrigerating or cooling
(B) damage caused by freezing of waterlines resulting from power
(C) loss to stock due to a change in
(D) contamination of stock resulting from rupture of supply piping connected to refrigerating or cooling apparatus
Answer: (1 mark)
(C)
PART 3 – GENERAL QUESTIONS
(A) (1 mark)
The Insurance Acts of the Common Law provinces require that all policies insuring against the peril of fire also insure direct losses caused by two (2) additional perils. Identify the two (2) additional perils insured by the Fire Policy.
(B) (2 marks)
Indicate whether the Fire Policy would respond to pay for the following losses. The building, stock and equipment are owned by the insured and are covered under the policy. State whether COVERED/NOT COVERED.
(1) fire damage to six 15 ft. canoes being held for sale in the insured’s
(2) damage due to contamination by radioactive materials which were released when natural gas furnace in research laboratory
Answers:
(A) In addition to the peril of fire, the Fire Policy also insures the perils of lightning and explosion of natural, coal or manufactured (1 mark)
(B)
1. COVERED (1 mark)
2. NOT COVERED (1 mark)
What grade do I need to pass?
A minimum grade of 60% is required for a pass on each exam.
What does the online exam look like?
Exam consists of multiple choice, definition and short answer questions for CAIB 1-3 and the long form answers for CAIB 4. Students have 3.5 hours to complete the exam. The passing grade is 60% for each level.
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MORE INFO ON CAIB EXAM PREP COURSES
