CAIA Study Guide 2026
Everything you need to pass the CAIA exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.
📋 CAIA Exam Format at a Glance
📚 CAIA Topics to Study (21)
✍️ Sample CAIA Questions & Answers
1. Which coverage applies when the insured is struck by a driver who has liability insurance, but those limits are less than the insured's damages?
Underinsured motorist (UIM) coverage applies when the at-fault driver carries liability insurance but those limits are insufficient to fully compensate the injured insured for their losses.
2. An adjuster notices the claimant's medical bills were submitted from a clinic that opened one week after the reported accident. This is most indicative of:
A medical facility opening immediately before or after an accident and submitting related bills is a strong indicator of fraudulent billing schemes.
3. An adjuster is determining the Actual Cash Value (ACV) for a total loss vehicle. Which of the following is the PRIMARY basis for this valuation?
The foundation of an ACV determination is a comparable vehicle analysis. Insurers are required to base the settlement on the cost of a 'comparable automobile' by analyzing recent listings and sales of similar vehicles in the local geographic area to determine fair market value.
4. Which of the following best describes the 'phantom vehicle' doctrine in UM claims?
A 'phantom vehicle' claim occurs when the insured alleges an unidentified vehicle caused the accident without physical contact, which most states require corroboration to prevent fraudulent claims.
5. Which of the following best describes an adjuster's duty under the implied covenant of good faith and fair dealing?
Every insurance contract contains an implied covenant of good faith and fair dealing, which requires that the insurer and its representatives (like adjusters) do not interfere with the insured's right to receive the benefits of the contract. This means acting fairly and honestly and not withholding benefits unreasonably. It does not mean paying invalid claims or ignoring the insurer's interests, but rather balancing them fairly.
6. After paying a UM/UIM claim, what right does the insurer typically acquire against the at-fault uninsured driver?
After paying a UM claim, the insurer is subrogated to the insured's rights and may pursue the uninsured at-fault driver to recover the benefits paid.