1|Page
CAIB 1 Exam 2025 | Canadian Accredited
Insurance Broker Level 1 Study Guide, Practice
Questions & Mock Tests
Prepare for the CAIB 1 Exam 2025 with the most up-to-date study guide, practice questions,
and mock exams designed to help you master Canadian insurance fundamentals. Covering
insurance principles, risk management, property insurance, and underwriting, this CAIB 1
prep resource is perfect for aspiring Canadian Accredited Insurance Brokers (IBABC,
IBAM, IBAA) looking to pass on their first attempt. Get detailed explanations, exam tips, and
full coverage of the CAIB 1 syllabus.
CAIB 1 Exam 2025,
CAIB Level 1 practice test,
Canadian Accredited Insurance Broker Exam,
CAIB 1 study guide,
What % of the amount of insurance on a mobile home can be
used to pay for emergency removal? - ANSWER-5%
What expenses are covered for mobile homes when emergency
removal is required? - ANSWER-1) Expenses incurred in
disconnecting utilities 2) Towing or transportation costs
,2|Page
Tenant package forms are designed for people who occupy
residents they do not own, including: - ANSWER-1) Those living
in apartments, 2) Those renting a dwelling or any portion of it 3)
Those who as part of their remuneration, receive the use of the
dwelling (room& board)
What is the purpose and types of expenses covered under
"additional living expenses"? - ANSWER-To maintain the same
standard of living.
Define "mobile home". - ANSWER-A home in which is factory built
on its own chassis and which can be easily moved.
What is a "dent clause"? - ANSWER-Exclusion of payment unless
the exterior of the home has been torn or punctured.
Mobile homes often have what 4 perils insured? - ANSWER-Fire,
Windstorm, Hail, Transportation
,3|Page
What is the purpose of "tie downs"? - ANSWER-Straps over the
mobile home to prevent it from blowing away
Define "condominium". - ANSWER-A system of separate
ownership of individual units in a multi-unit building.
The condominium corporation is responsible to insure: -
ANSWER-1) The value of the building 2) The value of the
common elements
Under coverage U2, identify four situations where a special
assessment may be levied against each unit owned. - ANSWER-
1) Under insurance 2) Application of co-insurance 3) Cause of the
loss is not an insured peril 4) Breach of policy condition
In addition to personal property, identify three additional
coverages available to condo unit owners. - ANSWER-1) Unit
improvements and betterments (U1), Loss assessment (U2), Unit
additional protection
, 4|Page
What two exclusions are on a season residence form? -
ANSWER-1) No coverage for transportation, 2) Theft, burglary,
vandalism, malicious acts, glass breakage
What are the 5 requirements to extends coverage under the
homeowners form for a seasonal residence? - ANSWER-1) Same
insurer, 2) Is a year round residence, occupied at least 1 out of
every 60 days, 3) Building not rented to others 4) Primary heating,
thermostatically controlled 5) Building accessible by road year
round
What is an endorsement? - ANSWER-An additional document
that shows in writing that the insured and insurer have agreed to a
change in the terms of an insurance contract
Endorsements can (5 things): - ANSWER-1) Provide coverage for
excluded property or perils, 2) Increase limits for property 3)
Broaden coverages 4) Decrease deductibles 5) Remove
coverage
CAIB 1 Exam 2025 | Canadian Accredited
Insurance Broker Level 1 Study Guide, Practice
Questions & Mock Tests
Prepare for the CAIB 1 Exam 2025 with the most up-to-date study guide, practice questions,
and mock exams designed to help you master Canadian insurance fundamentals. Covering
insurance principles, risk management, property insurance, and underwriting, this CAIB 1
prep resource is perfect for aspiring Canadian Accredited Insurance Brokers (IBABC,
IBAM, IBAA) looking to pass on their first attempt. Get detailed explanations, exam tips, and
full coverage of the CAIB 1 syllabus.
CAIB 1 Exam 2025,
CAIB Level 1 practice test,
Canadian Accredited Insurance Broker Exam,
CAIB 1 study guide,
What % of the amount of insurance on a mobile home can be
used to pay for emergency removal? - ANSWER-5%
What expenses are covered for mobile homes when emergency
removal is required? - ANSWER-1) Expenses incurred in
disconnecting utilities 2) Towing or transportation costs
,2|Page
Tenant package forms are designed for people who occupy
residents they do not own, including: - ANSWER-1) Those living
in apartments, 2) Those renting a dwelling or any portion of it 3)
Those who as part of their remuneration, receive the use of the
dwelling (room& board)
What is the purpose and types of expenses covered under
"additional living expenses"? - ANSWER-To maintain the same
standard of living.
Define "mobile home". - ANSWER-A home in which is factory built
on its own chassis and which can be easily moved.
What is a "dent clause"? - ANSWER-Exclusion of payment unless
the exterior of the home has been torn or punctured.
Mobile homes often have what 4 perils insured? - ANSWER-Fire,
Windstorm, Hail, Transportation
,3|Page
What is the purpose of "tie downs"? - ANSWER-Straps over the
mobile home to prevent it from blowing away
Define "condominium". - ANSWER-A system of separate
ownership of individual units in a multi-unit building.
The condominium corporation is responsible to insure: -
ANSWER-1) The value of the building 2) The value of the
common elements
Under coverage U2, identify four situations where a special
assessment may be levied against each unit owned. - ANSWER-
1) Under insurance 2) Application of co-insurance 3) Cause of the
loss is not an insured peril 4) Breach of policy condition
In addition to personal property, identify three additional
coverages available to condo unit owners. - ANSWER-1) Unit
improvements and betterments (U1), Loss assessment (U2), Unit
additional protection
, 4|Page
What two exclusions are on a season residence form? -
ANSWER-1) No coverage for transportation, 2) Theft, burglary,
vandalism, malicious acts, glass breakage
What are the 5 requirements to extends coverage under the
homeowners form for a seasonal residence? - ANSWER-1) Same
insurer, 2) Is a year round residence, occupied at least 1 out of
every 60 days, 3) Building not rented to others 4) Primary heating,
thermostatically controlled 5) Building accessible by road year
round
What is an endorsement? - ANSWER-An additional document
that shows in writing that the insured and insurer have agreed to a
change in the terms of an insurance contract
Endorsements can (5 things): - ANSWER-1) Provide coverage for
excluded property or perils, 2) Increase limits for property 3)
Broaden coverages 4) Decrease deductibles 5) Remove
coverage
