Insurance Customer Service Rep 440
Exam Review Questions And Answers
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.
- Understand the Basic Pip Benefits. - -Medical: 80%, Work Loss: 60%,
Replacement Services: 100%, Death: $5,000 IN ADDITION to the $10,000 in
medical and disability benefits afforded by PIP
, - How does PIP apply to Pedestrians: In and out of the State? - -In Florida -
The No-Fault Law has no applicability and usual legal remedies and other
insurance coverage's are to be relied upon.
- Be able to identify examples of when "Other than Collision" (also referred
to as Comprehensive Coverage) is used. - -Hail Storm damages hood, animal
runs into car and windshield replacement are common examples of when
this coverage is used.
Losses from glass breakage, hitting a bird or animal, and falling objects or
missiles (although they are from collisions with another object) are covered
- Be able to identify the penalties for not complying with the No-Fault Law. -
-o (1) The owner is denied the immunities from legal liabilities that are
granted to those who comply.
o (2) The owner is personally liable for payment of PIP benefits to those
entitled to such benefits.
o (3) The owner's driver's license and vehicle registration are subject to
suspension, as under the Financial Responsibility Law.
- Understand the PIP Death Benefit amount. - -the death benefit will be
$5,000 IN ADDITION to the $10,000 in medical and disability benefits
afforded by PIP.
- The Financial Responsibility Law is administered by? - -The Financial
Responsibility Law is administered by the Department of Highway Safety and
Motor Vehicles.
- Define the characteristics of a Homeowners Policy. - -Declarations, One of
6 Homeowners Forms, Covered Perils and Exclusions, Mandatory and
Optional Endorsements
- Understand the benefits under the Workers Compensation Law. - -Medical
Expenses, Disability Benefits, Death Benefits
- Continuing Education requirements for a 4-40 License. - -10 HOURS of
continuing education every two years.
- Identify those who may have an insurable interest in a property. - -Persons
must have an insurable interest in the things insured at the time of the loss.
- Understand what the Declarations of a policy outlines. - -o The Insured(s)
and Property covered
o The limits of insurance
o Deductible(s)
Exam Review Questions And Answers
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.
- Understand the Basic Pip Benefits. - -Medical: 80%, Work Loss: 60%,
Replacement Services: 100%, Death: $5,000 IN ADDITION to the $10,000 in
medical and disability benefits afforded by PIP
, - How does PIP apply to Pedestrians: In and out of the State? - -In Florida -
The No-Fault Law has no applicability and usual legal remedies and other
insurance coverage's are to be relied upon.
- Be able to identify examples of when "Other than Collision" (also referred
to as Comprehensive Coverage) is used. - -Hail Storm damages hood, animal
runs into car and windshield replacement are common examples of when
this coverage is used.
Losses from glass breakage, hitting a bird or animal, and falling objects or
missiles (although they are from collisions with another object) are covered
- Be able to identify the penalties for not complying with the No-Fault Law. -
-o (1) The owner is denied the immunities from legal liabilities that are
granted to those who comply.
o (2) The owner is personally liable for payment of PIP benefits to those
entitled to such benefits.
o (3) The owner's driver's license and vehicle registration are subject to
suspension, as under the Financial Responsibility Law.
- Understand the PIP Death Benefit amount. - -the death benefit will be
$5,000 IN ADDITION to the $10,000 in medical and disability benefits
afforded by PIP.
- The Financial Responsibility Law is administered by? - -The Financial
Responsibility Law is administered by the Department of Highway Safety and
Motor Vehicles.
- Define the characteristics of a Homeowners Policy. - -Declarations, One of
6 Homeowners Forms, Covered Perils and Exclusions, Mandatory and
Optional Endorsements
- Understand the benefits under the Workers Compensation Law. - -Medical
Expenses, Disability Benefits, Death Benefits
- Continuing Education requirements for a 4-40 License. - -10 HOURS of
continuing education every two years.
- Identify those who may have an insurable interest in a property. - -Persons
must have an insurable interest in the things insured at the time of the loss.
- Understand what the Declarations of a policy outlines. - -o The Insured(s)
and Property covered
o The limits of insurance
o Deductible(s)
