Insurance Customer Service Rep 440

Loss Settlement Contract - The following are basic characteristics of a property or liability insurance contract, except: Actual Cash Value - The Loss Settlement Valuation that subtracts an allowance for depreciation is defined as? Liberalization - States that if the insurer adopts a revision which would broaden coverage without additional premium within some period of time prior to the policy period or during the policy period, the insured receives the benefit of such broadened coverage. ABC and XYZ are responsible for claiming their own interest - Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner s policy. The insurance company will make a payment to which bank? Conditional Contract - The Insurer s responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proof of the loss is defined as? Doctrine of Proximate Cause - The __________ states that when there is an unbroken connection between an occurrence and damage that grows out of the occurrence, then the resultant damage is all a part of the occurrence. Abandonment - Property insurance policies usually contain a(n) __________ clause, stating the insured cannot dump damaged property on the insurer and demand its full value: Insurable Interest - A(n) __________ is one wherein economic loss would be suffered from an adverse happening to the subject: Warranty - A policy condition, either based on information in the insured s application or inserted by the insurer, is defined as: Severability - Insurance applies separately to each insured as if other insureds did not exist. This is defined as: Jane? Jane's will pay $4,000 Jane's PIP will pay $5,000 x 80% = $4,000 Sue? Sue's will pay $9,600 Sue's PIP will pay $12,000 x 80% = $9,600 Jim? Jim's will pay $10,000 Jim's PIP will pay $20,000 x 80% = $16,000, BUT the PIP limit is $10,000 - Jane and Sue are riding with Jim in Jim's car (All 3 are FL residents who own cars and carry basic PIP with no deductible). Jane has $5,000 in medical bills, Sue has $12,000 in medical bills, and Jim has $20,000 in medical bills. Whose PIP will pay and how much will it pay for: The at-fault driver will have to pay $2,800 for Jeremy's injuries. $10,000 minus $1,000 Deductible = $9,000 $9,000 x 80% = $7,200 paid by PIP (20% not paid by PIP) $1,800 (amount not paid by Jeremy s PIP ) + $1,000 (Jeremy Deductible) = $2,800 due from At-Fault drive - Jeremy was driving his car in FL when he is hit by an at-fault driver. Jeremy has $10,000 in Medical Bills, Basic PIP with a $1,000 deductible and no Med Pay coverage. 3 - As to required proof for future accidents by purchase of auto liability insurance, the insurer must make a filing (Form SR-22) certifying that coverage is in effect, and this certification must remain on file for __________ years: Temporary Injury of the Insured - Which of the following is not one of the "Thresholds" in the "No-Fault" law? Garage Coverage Form - Used to insure businesses engaged in selling, servicing, repairing, parking or storing automobiles: