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CAIB 2 Exam 2025 | Canadian Accredited
Insurance Broker Level 2 Study Guide, Practice
Questions & Mock Test Prep
Ace your CAIB 2 Exam 2025 with this complete study guide, question bank, and mock test
prep designed for Canadian Accredited Insurance Broker (CAIB) Level 2 candidates. Master
commercial property insurance, liability insurance, automobile coverage, and underwriting
principles with up-to-date resources that match the latest IBABC, IBAM, and IBAA exam
standards. Perfect for insurance professionals preparing for certification and licensing success in
Canada.
CAIB 2 Exam 2025,
CAIB Level 2 study guide,
CAIB 2 practice exam,
Canadian Accredited Insurance Broker Level 2,
Identify the three types of property which can be covered by the builders risk policy - ANSWER-1. Pro
Identify the instance when coverage automatically ceases under the builders risk policy - ANSWER-When
the project has been left unattended or when there has been no construction activity for more than 30
consecutive days
Identify what the insured must provide within thirty days of the expiration of the builders risk policy -
ANSWER-1. Actual completed contract price plus value of property not included in the contract price but
insured by the policy
2. The total completed value of the project
WHY so that premiums can be figured out???
,2|Page
Identify three prospective client for the installation floater - ANSWER-1. Plumbing firms
2. Air conditioning firms
3. Heating firms
Identify three locations where coverage applies under the installation floater - ANSWER-1. While in
transit by most forms of land transportation, including the insureds vehicle
2. While awaiting installation onsite
3. During installation until accepted, or the interest of the insured ceases, whichever occurs first
perty in the course of construction, installation, reconstruction or repair other than property described
in 2 (b) ; owned by the insured; owned by others, provided the value of such property is included in the
amount of insurance
2. Landscaping, growing trees, plants, shrubs or flowers all to enter into and form part of the project
provided that the value of such property is included in the amount of insurance
3. Temporary buildings, scaffolding, falsework, forms, hoardings, excavation, site preparation and similar
work, provided that the value thereof is included in the amount of insurance and then only the extent
that replacement or restoration is necessary to complete the project
Identify three exclusions to the builders risk policy - ANSWER-1. Contractors tools and equipment
including spare parts and accessories whether owed, loaned, hired or leased other than property
specified in clause 2 (c)
2. Cost of making goods; faulty or improper materials; faulty or improper workmanship; faulty or
improper design
3. Flood or earthquake
Identify two extension coverages under the builders risk policy - ANSWER-1. In transit
2. Any other location
Identify the instances when coverage normally ceases under the builders risk policy - ANSWER-When
the building comes into use or becomes occupied
Identify two occupancies for when coverage does not normally cease under the builders risk policy -
ANSWER-1. Use of building for other construction work or testing
,3|Page
2. The use of the building for office or habitational purposes
Installation floaters may be issued on an individual or annual basis. Identify how the premium is based
when the floater is issued on an annual basis. - ANSWER-The premium is charged based off the
contractors annual receipts. This allows the insurer to obtain the proper premium.
Identify three exclusions to the installation floater - ANSWER-1. Property while located on any premise
owned, leased or occupied by the insured
2. Tools and equipment owned by the insured or by others
3. Caused directly or indirectly by faulty materials or workmanship or error in design unless fire or
explosion ensues and then only for loss or damage caused by such ensuing fire or explosion
Identify three prospects for a jewelers block policy - ANSWER-1. Pawn brokers
2. Jewellery manufactures
3. Jobbers
In addition to Jewellers' Block and Furriers Block policies, identify three other Dealer forms - ANSWER-1.
Fire arts dealers
2. Stamp and coin dealers
3. Equipment dealers
4. Automobile dealers
5. Camera and musical instrument dealers
Define catastrophic limit - ANSWER-
Cessation of coverage - ANSWER-
Identify three types of crime losses to real property - ANSWER-1. Vandalism
2. Malicious acts
3. Burglary
, 4|Page
4. Arson
Identify three reasons why some types of personal property becomes "targeted items" - ANSWER-1.
Convertibility
2. Value
3. Portability
Identify eight methods used by criminals which can result in loss to real and personal property -
ANSWER-1. Forced entry into the building
2. Forced entry into protected enclosures
3.Unforced entry into building or protected enclosures
4. Forced opening of building and protected enclosures
5. Vandalism and malicious acts
6. Espionage
7. Shoplifting
8. Employee theft
Identify three key areas which can make "forcible entry" into a building vulnerable to attack - ANSWER-
1. Doors
2. Windows
3. Roof
Identify three types of protected enclosures - ANSWER-Locked safes; Locked chests; Locked vaults
Identify three ways in which access can be obtained into "protective enclosures" - ANSWER-1. Direct
threats
2. violence
3. harm
CAIB 2 Exam 2025 | Canadian Accredited
Insurance Broker Level 2 Study Guide, Practice
Questions & Mock Test Prep
Ace your CAIB 2 Exam 2025 with this complete study guide, question bank, and mock test
prep designed for Canadian Accredited Insurance Broker (CAIB) Level 2 candidates. Master
commercial property insurance, liability insurance, automobile coverage, and underwriting
principles with up-to-date resources that match the latest IBABC, IBAM, and IBAA exam
standards. Perfect for insurance professionals preparing for certification and licensing success in
Canada.
CAIB 2 Exam 2025,
CAIB Level 2 study guide,
CAIB 2 practice exam,
Canadian Accredited Insurance Broker Level 2,
Identify the three types of property which can be covered by the builders risk policy - ANSWER-1. Pro
Identify the instance when coverage automatically ceases under the builders risk policy - ANSWER-When
the project has been left unattended or when there has been no construction activity for more than 30
consecutive days
Identify what the insured must provide within thirty days of the expiration of the builders risk policy -
ANSWER-1. Actual completed contract price plus value of property not included in the contract price but
insured by the policy
2. The total completed value of the project
WHY so that premiums can be figured out???
,2|Page
Identify three prospective client for the installation floater - ANSWER-1. Plumbing firms
2. Air conditioning firms
3. Heating firms
Identify three locations where coverage applies under the installation floater - ANSWER-1. While in
transit by most forms of land transportation, including the insureds vehicle
2. While awaiting installation onsite
3. During installation until accepted, or the interest of the insured ceases, whichever occurs first
perty in the course of construction, installation, reconstruction or repair other than property described
in 2 (b) ; owned by the insured; owned by others, provided the value of such property is included in the
amount of insurance
2. Landscaping, growing trees, plants, shrubs or flowers all to enter into and form part of the project
provided that the value of such property is included in the amount of insurance
3. Temporary buildings, scaffolding, falsework, forms, hoardings, excavation, site preparation and similar
work, provided that the value thereof is included in the amount of insurance and then only the extent
that replacement or restoration is necessary to complete the project
Identify three exclusions to the builders risk policy - ANSWER-1. Contractors tools and equipment
including spare parts and accessories whether owed, loaned, hired or leased other than property
specified in clause 2 (c)
2. Cost of making goods; faulty or improper materials; faulty or improper workmanship; faulty or
improper design
3. Flood or earthquake
Identify two extension coverages under the builders risk policy - ANSWER-1. In transit
2. Any other location
Identify the instances when coverage normally ceases under the builders risk policy - ANSWER-When
the building comes into use or becomes occupied
Identify two occupancies for when coverage does not normally cease under the builders risk policy -
ANSWER-1. Use of building for other construction work or testing
,3|Page
2. The use of the building for office or habitational purposes
Installation floaters may be issued on an individual or annual basis. Identify how the premium is based
when the floater is issued on an annual basis. - ANSWER-The premium is charged based off the
contractors annual receipts. This allows the insurer to obtain the proper premium.
Identify three exclusions to the installation floater - ANSWER-1. Property while located on any premise
owned, leased or occupied by the insured
2. Tools and equipment owned by the insured or by others
3. Caused directly or indirectly by faulty materials or workmanship or error in design unless fire or
explosion ensues and then only for loss or damage caused by such ensuing fire or explosion
Identify three prospects for a jewelers block policy - ANSWER-1. Pawn brokers
2. Jewellery manufactures
3. Jobbers
In addition to Jewellers' Block and Furriers Block policies, identify three other Dealer forms - ANSWER-1.
Fire arts dealers
2. Stamp and coin dealers
3. Equipment dealers
4. Automobile dealers
5. Camera and musical instrument dealers
Define catastrophic limit - ANSWER-
Cessation of coverage - ANSWER-
Identify three types of crime losses to real property - ANSWER-1. Vandalism
2. Malicious acts
3. Burglary
, 4|Page
4. Arson
Identify three reasons why some types of personal property becomes "targeted items" - ANSWER-1.
Convertibility
2. Value
3. Portability
Identify eight methods used by criminals which can result in loss to real and personal property -
ANSWER-1. Forced entry into the building
2. Forced entry into protected enclosures
3.Unforced entry into building or protected enclosures
4. Forced opening of building and protected enclosures
5. Vandalism and malicious acts
6. Espionage
7. Shoplifting
8. Employee theft
Identify three key areas which can make "forcible entry" into a building vulnerable to attack - ANSWER-
1. Doors
2. Windows
3. Roof
Identify three types of protected enclosures - ANSWER-Locked safes; Locked chests; Locked vaults
Identify three ways in which access can be obtained into "protective enclosures" - ANSWER-1. Direct
threats
2. violence
3. harm
