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IBABC CAIB-3 Exam Overview:
| Certification Vendor: | IBABC (Insurance Brokers Association of British Columbia) |
|---|---|
| Exam Name: | Canadian Accredited Insurance Broker 3 (CAIB 3) |
| Exam Number: | CAIB-3 |
| Related Certifications: | CAIB 1 CAIB 4 CAIB 2 |
| Real Exam Qty: | Approx. 100 |
| Passing Score: | 60% |
| Exam Format: | Multiple Choice, Definition Questions, Short Answer Questions |
| Exam Price: | CAD $395 (first attempt); CAD $150–$300 (rewrite, varies by membership status) |
| Available Languages: | English |
| Exam Duration: | 210 minutes |
| Certificate Validity Period: | Valid for licensing; continuing education required annually |
| Recommended Training: | IBABC CAIB 3 Course Materials IBAC National CAIB Program Resources |
| Exam Registration: | IBABC Official Registration CAPTUS Exam Platform |
| Sample Questions: |  |
| Exam Way: | Online proctored or Onsite (IBABC Vancouver office or approved proctor) |
| Pre Condition: | CAIB 1 and CAIB 2 or equivalent; Level 1 licence eligibility varies by province |
| Official Syllabus URL: | https://www.ibabc.ca |
IBABC CAIB-3 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Commercial General Liability Insurance | - Legal perspective and liability exposures - CGL policy structure, coverages, and endorsements |
| Topic 2: Risk Management and Underwriting | - Commercial underwriting principles - Loss control and risk mitigation strategies - Risk identification and assessment |
| Topic 3: Commercial Automobile Insurance | - Commercial auto policy forms and coverages - Garage and fleet exposures |
| Topic 4: Specialty Insurance Lines | - Ocean Marine and Aviation Insurance - Crime Insurance and Fidelity Coverage - Surety Bonds |
Common Questions About the IBABC Canadian Accredited Insurance Broker (CAIB 3) Exam
The IBABC Canadian Accredited Insurance Broker (CAIB 3) exam is the official IBABC (Insurance Brokers Association of British Columbia) test registered under exam code CAIB-3. Passing it earns you the Canadian Accredited Insurance Broker (CAIB) certification, a credential at the Professional level. It is also linked to the related certifications: CAIB 1, CAIB 2, CAIB 4. IBABC (Insurance Brokers Association of British Columbia) exams are valued because they test job-ready skills, so a passing score here carries real weight on a resume.
The IBABC Canadian Accredited Insurance Broker (CAIB 3) exam includes Approx. 100 questions to be completed within 210 minutes. Do the pacing math before exam day: with that many items on the clock, you need a steady rhythm and the discipline to flag a hard question and move on instead of stalling. Two or three full timed sessions with the ActualCollection test engine will show you exactly what that pace feels like, so time pressure stops being a factor on the real day.
To pass the IBABC Canadian Accredited Insurance Broker (CAIB 3) exam you need 60%, and the official registration fee is CAD $395 (first attempt); CAD $150–$300 (rewrite, varies by membership status). A retake is not discounted: a failed attempt means paying the full CAD $395 (first attempt); CAD $150–$300 (rewrite, varies by membership status) again, so treat your first sitting as the expensive one. A sensible rule is to book your seat only after you are scoring comfortably above the passing mark on the ActualCollection practice tests, not just squeaking past it once.
CAIB 1 and CAIB 2 or equivalent; Level 1 licence eligibility varies by province
Eligibility rules do change from time to time, so confirm the current requirements before you register on the official exam page.
Registration for the IBABC Canadian Accredited Insurance Broker (CAIB 3) exam goes through the official channels below.
As for the delivery format, the exam is taken Online proctored or Onsite (IBABC Vancouver office or approved proctor).
IBABC (Insurance Brokers Association of British Columbia) points candidates toward the following training options for IBABC Canadian Accredited Insurance Broker (CAIB 3).
Course work builds the foundation; question practice makes it stick. The 48 practice questions in the ActualCollection CAIB-3 package let you rehearse each topic under exam-style pressure before the real thing.
Yes. ActualCollection offers a free PDF demo of the IBABC Canadian Accredited Insurance Broker (CAIB 3) material so you can judge the question quality and format before spending anything. After purchase, your license includes 365 days of free updates, and if you want to keep receiving updates after that period, renewals are available at a 50% discount.
If you take the IBABC Canadian Accredited Insurance Broker (CAIB 3) exam within 60 days of your purchase and do not pass, ActualCollection backs you with a 100% money-back guarantee. The claim must match the exam your product covers: attempts taken within 3 days of purchase are not eligible (that is too little preparation time), and neither are downloaded-but-unused products, free materials, or expired orders. The candidate name must match the payer name, and you need to submit a scanned enrollment slip plus the official Score Report PDF within 2 days of the exam; claims are processed within 7 days. Prefer not to refund? You can swap instead and receive two other exam products of equal value for free while keeping the update service on your original purchase.
Delivery itself is instant: your files are downloadable right away and emailed to you within one minute of payment. If nothing arrives within 2 hours, contact customer service. There is no limit on how many computers you may install the software on.
The official IBABC Canadian Accredited Insurance Broker (CAIB 3) syllabus is organized into 4 domains. Key areas include Commercial Automobile Insurance, Specialty Insurance Lines, and Commercial General Liability Insurance. The complete, up-to-date topic list appears in the exam topics section above; work through it line by line and flag anything you cannot yet explain in your own words.
IBABC Canadian Accredited Insurance Broker (CAIB 3) Sample Questions:
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.
From a risk management perspective, every loss exposure has three dimensions. What are the three (3) dimensions? (1 mark)
- A. Property exposed, latency period, probability of loss.
- B. Estimated frequency, estimated severity, probability of recovery.
- C. Peril exposed, estimated frequency, estimated severity.
- D. Type of value exposed, peril causing loss, extent of potential resulting financial consequences.
Correct Answer: D 🗳️
Explanation: Only visible for ActualCollection members. You can sign-up / login (it's free).
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.
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.
DEFINE: PARTICULAR AVERAGE (1 mark)
Reveal Solution Discussion 0Correct Answer:
See the answer in Explanation below.
Explanation:
Particular average is a partial loss to a specific marine shipment caused by an insured peril, other than a General Average loss.
Reference: IBAC CAIB 3 Student Resource Guide (2013), Chapter 4 - Marine Insurance, Particular Average, reference p. 4-16.
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