Insurance Customer Service Rep 440 Exam Review

Examples of Peril - Fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief or vandalism, or the sinking, burning, collision or derailment of a conveying transport. How long does one have to notify the Department of Financial Services for a Name and/or Address Change? - 30 days Coinsurance Clause - Replacement cost applies to single family building losses for an individual insured's principal residence (insured lives in the dwelling at least 80% of the time and dwelling is insured for at least 80% of replacement cost). Coinsurance Clause Example - If a building valued at $250,000 is insured with a policy containing an 80% coinsurance clause, the policyholder must purchase at least $200,000 in coverage. If the policyholder purchased less than $200,000, he or she would be responsible for a proportionate share of the loss. What are the Minimum Requirements for the Financial Responsibility Law (there are two)? - o (1) The legally valid claims of others must be satisfied (up to the 10/20/10 requirements). o (2) The owner and operator must provide certification of financial responsibility for future accidents (SR-22, discussed below). Understand PIP and how it may apply to a given scenario (Review the PIP Activity). - o Personal Injury Protection - Pays primary (excluding injuries related to Workers Comp) for Bodily Injury to You and Relatives, regardless of fault. If a passenger has insurance, their own PIP will pay out. PIP Versus Workers Compensation: Which is excess? - o Florida courts have held PIP is excess over Workers Compensation (in almost all cases when Workers Compensation is involved, there won't be a need for both coverage's to pay out). o Medical Payments coverage is issued on an excess basis to coordinate with PIP coverage. o Medical Payments would cover only amounts in excess of the 80% of reasonable expenses covered by PIP.