Page 1 of 89
CAIB 3 EXAM NEWEST 2026 ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) ALL ANSWERED {430 Q & A}
ALREADY GRADED A+ | 100% GUARANTEED PASS
SPF No. 1 Owner's Form - ✔✔✔ Correct Answer > Covers third-party,
accident benefits, physical damage.
Minimum third-party liability - ✔✔✔ Correct Answer > $200,000
required for private passenger vehicles.
Commercial vehicle regulations - province vs federal minimums
- ✔✔✔ Correct Answer > Provincial and federal liability requirements
differ.
$200,000 for within province
$1M out of province/ $2M if dangerous goods
US - $750k - $5M depending on cargo
Public automobiles liability - ✔✔✔ Correct Answer > Higher liability for
buses and taxis - high exposure
,Page 2 of 89
SEF 44 - ✔✔✔ Correct Answer > Family protection endorsement
Covers injuries from under-insured or uninsured motorists.
Covers INJURY/DEATH ONLY
Accident benefits - ✔✔✔ Correct Answer > No-fault coverage for
vehicle occupants.
-injury/death
-medical expenses
-rehab
-loss of income
-death benefits
Loss of Use by Theft - ✔✔✔ Correct Answer > insured at $25-30/day
for up to 30 days
can be expanded by OPCF20
Auto - Physical damage coverage (4 types) - ✔✔✔ Correct Answer >
Has deductible
-collision or upset
-comprehensive
-specified perils
,Page 3 of 89
-all perils
SEF 20 - ✔✔✔ Correct Answer > Loss of Use Endorsement
Covers rental expenses during vehicle theft.
cannot be used for tractors/taxis
Owner's form exclusions (3) - ✔✔✔ Correct Answer > i) Excludes
vehicles carrying explosives or radioactive materials. (SEFa/b)
ii) leased/rented to others (SEF5c/SEF5)
iii) carry passengers for compensation (taxi/bus)
[carpooling/driving clients ok]
Permission to carry explosives - which SEF? - ✔✔✔ Correct Answer >
Requires SEF 4a endorsement for explosives.
Permission to carry radioactive materials - which SEF? - ✔✔✔
Correct Answer > Requires SEF 4b endorsement for radioactive
materials.
Short-term lease/rental - which SEF? - ✔✔✔ Correct Answer >
Requires SEF 5c for rentals under 30 days.
, Page 4 of 89
Long-term lease requirements - ✔✔✔ Correct Answer > Lessee must
obtain own Owner's form.
Passenger compensation exclusion - ✔✔✔ Correct Answer > Excludes
vehicles used for compensated passenger transport.
SPF 8 coverage - ✔✔✔ Correct Answer > Standard Lessors Contingent
Auto Policy
used by rental companies, fleet owners that lease vehicles
-Indemnifies lessor for lessee's insurance failure.
Conversion Coverage Endorsement SEF 5d - ✔✔✔ Correct Answer >
Covers theft by lawful possessor of the vehicle (the lessee)
again, used for rental agencies
(conversion, embezzlement, theft)
Owner's Form - ✔✔✔ Correct Answer > Private Passenger or
Commercial
Coverage extends to third party and accident benefits.
SEF 27 - ✔✔✔ Correct Answer > Covers physical damage to non-
owned vehicles.
CAIB 3 EXAM NEWEST 2026 ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) ALL ANSWERED {430 Q & A}
ALREADY GRADED A+ | 100% GUARANTEED PASS
SPF No. 1 Owner's Form - ✔✔✔ Correct Answer > Covers third-party,
accident benefits, physical damage.
Minimum third-party liability - ✔✔✔ Correct Answer > $200,000
required for private passenger vehicles.
Commercial vehicle regulations - province vs federal minimums
- ✔✔✔ Correct Answer > Provincial and federal liability requirements
differ.
$200,000 for within province
$1M out of province/ $2M if dangerous goods
US - $750k - $5M depending on cargo
Public automobiles liability - ✔✔✔ Correct Answer > Higher liability for
buses and taxis - high exposure
,Page 2 of 89
SEF 44 - ✔✔✔ Correct Answer > Family protection endorsement
Covers injuries from under-insured or uninsured motorists.
Covers INJURY/DEATH ONLY
Accident benefits - ✔✔✔ Correct Answer > No-fault coverage for
vehicle occupants.
-injury/death
-medical expenses
-rehab
-loss of income
-death benefits
Loss of Use by Theft - ✔✔✔ Correct Answer > insured at $25-30/day
for up to 30 days
can be expanded by OPCF20
Auto - Physical damage coverage (4 types) - ✔✔✔ Correct Answer >
Has deductible
-collision or upset
-comprehensive
-specified perils
,Page 3 of 89
-all perils
SEF 20 - ✔✔✔ Correct Answer > Loss of Use Endorsement
Covers rental expenses during vehicle theft.
cannot be used for tractors/taxis
Owner's form exclusions (3) - ✔✔✔ Correct Answer > i) Excludes
vehicles carrying explosives or radioactive materials. (SEFa/b)
ii) leased/rented to others (SEF5c/SEF5)
iii) carry passengers for compensation (taxi/bus)
[carpooling/driving clients ok]
Permission to carry explosives - which SEF? - ✔✔✔ Correct Answer >
Requires SEF 4a endorsement for explosives.
Permission to carry radioactive materials - which SEF? - ✔✔✔
Correct Answer > Requires SEF 4b endorsement for radioactive
materials.
Short-term lease/rental - which SEF? - ✔✔✔ Correct Answer >
Requires SEF 5c for rentals under 30 days.
, Page 4 of 89
Long-term lease requirements - ✔✔✔ Correct Answer > Lessee must
obtain own Owner's form.
Passenger compensation exclusion - ✔✔✔ Correct Answer > Excludes
vehicles used for compensated passenger transport.
SPF 8 coverage - ✔✔✔ Correct Answer > Standard Lessors Contingent
Auto Policy
used by rental companies, fleet owners that lease vehicles
-Indemnifies lessor for lessee's insurance failure.
Conversion Coverage Endorsement SEF 5d - ✔✔✔ Correct Answer >
Covers theft by lawful possessor of the vehicle (the lessee)
again, used for rental agencies
(conversion, embezzlement, theft)
Owner's Form - ✔✔✔ Correct Answer > Private Passenger or
Commercial
Coverage extends to third party and accident benefits.
SEF 27 - ✔✔✔ Correct Answer > Covers physical damage to non-
owned vehicles.
