Insurance Customer Service Rep 440
Exam Review / Questions & Expertly
Verified Answers, .
_____________Quiz____________?
Examples of Peril -
Answer✓✓
Fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief or
vandalism, or the sinking, burning, collision or derailment of a conveying
transport.
_____________Quiz____________?
How long does one have to notify the Department of Financial Services for a
Name and/or Address Change? -
Answer✓✓
30 days
_____________Quiz____________?
Coinsurance Clause -
Answer✓✓
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).
_____________Quiz____________?
Coinsurance Clause Example -
Answer✓✓
1
, 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.
_____________Quiz____________?
What are the Minimum Requirements for the Financial Responsibility Law
(there are two)? -
Answer✓✓
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).
_____________Quiz____________?
Understand PIP and how it may apply to a given scenario (Review the PIP
Activity). -
Answer✓✓
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.
_____________Quiz____________?
PIP Versus Workers Compensation: Which is excess? -
Answer✓✓
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.
2
Exam Review / Questions & Expertly
Verified Answers, .
_____________Quiz____________?
Examples of Peril -
Answer✓✓
Fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief or
vandalism, or the sinking, burning, collision or derailment of a conveying
transport.
_____________Quiz____________?
How long does one have to notify the Department of Financial Services for a
Name and/or Address Change? -
Answer✓✓
30 days
_____________Quiz____________?
Coinsurance Clause -
Answer✓✓
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).
_____________Quiz____________?
Coinsurance Clause Example -
Answer✓✓
1
, 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.
_____________Quiz____________?
What are the Minimum Requirements for the Financial Responsibility Law
(there are two)? -
Answer✓✓
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).
_____________Quiz____________?
Understand PIP and how it may apply to a given scenario (Review the PIP
Activity). -
Answer✓✓
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.
_____________Quiz____________?
PIP Versus Workers Compensation: Which is excess? -
Answer✓✓
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.
2
