Insurance Customer Service Rep 440
Exam
Examples of Peril correct answersFire, 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? correct answers30 days
Coinsurance Clause correct answersReplacement 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 correct answersIf 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)? correct answerso (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). correct answerso 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? correct answerso
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).
oMedical 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. correct answersMedical: 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? correct answersIn
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. correct answersHail 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.
correct answerso (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. correct answersthe 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? correct answersThe
Financial Responsibility Law is administered by the Department of
Highway Safety and Motor Vehicles.
Define the characteristics of a Homeowners Policy. correct
answersDeclarations, One of 6 Homeowners Forms, Covered Perils and
Exclusions, Mandatory and Optional Endorsements
Understand the benefits under the Workers Compensation
Law. correct answersMedical Expenses, Disability Benefits,
Death Benefits
Continuing Education requirements for a 4-40 License. correct answers10
HOURS of continuing education every two years.
Identify those who may have an insurable interest in a property. correct
answersPersons must have an insurable interest in the things insured at the
time of the loss.
Exam
Examples of Peril correct answersFire, 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? correct answers30 days
Coinsurance Clause correct answersReplacement 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 correct answersIf 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)? correct answerso (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). correct answerso 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? correct answerso
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).
oMedical 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. correct answersMedical: 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? correct answersIn
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. correct answersHail 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.
correct answerso (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. correct answersthe 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? correct answersThe
Financial Responsibility Law is administered by the Department of
Highway Safety and Motor Vehicles.
Define the characteristics of a Homeowners Policy. correct
answersDeclarations, One of 6 Homeowners Forms, Covered Perils and
Exclusions, Mandatory and Optional Endorsements
Understand the benefits under the Workers Compensation
Law. correct answersMedical Expenses, Disability Benefits,
Death Benefits
Continuing Education requirements for a 4-40 License. correct answers10
HOURS of continuing education every two years.
Identify those who may have an insurable interest in a property. correct
answersPersons must have an insurable interest in the things insured at the
time of the loss.
