Insurance Customer Service Rep 440 Exam Review questions and answers graded A+.
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Insurance Customer Service Rep 440
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Insurance Customer Service Rep 440
Insurance Customer Service Rep 440 Exam Review questions and answers graded A+.
Examples of Peril - correct answers.Fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief or vandalism, or the sinking, burning, collision or derailment of a conveying tran...
Insurance Customer Service Rep 440 Exam Review questions and answers graded A+. Examples of Peril - correct answers.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? - correct answers.30 days Coinsurance Clause - correct answers.Replacement cost applies to single family building losses for an individual insured's principal residence (insured lives in the dwelling a t least 80% of the time and dwelling is insured for at least 80% of replacement cost). Coinsurance Clause Example - correct answers.If a building valued at $250,000 is insured with a policy containing an 80% coinsurance clause, the policyholder must purch ase 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 an swers.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 i t may apply to a given scenario (Review the PIP Activity). - correct answers.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? - correct answers.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. - correct answers.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? - correct answers.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. - correct answers.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 o bject) are covered Be able to identify the penalties for not complying with the No -Fault Law. - correct answers.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. - correct answers.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? - correct answers.The Financial Responsibility Law is a dministered by the Department of Highway Safety and Motor Vehicles. Define the characteristics of a Homeowners Policy. - correct answers.Declarations, One of 6 Homeowners Forms, Covered Perils and Exclusions, Mandatory and Optional Endorsements Understan d the benefits under the Workers Compensation Law. - correct answers.Medical Expenses, Disability Benefits, Death Benefits Continuing Education requirements for a 4 -40 License. - correct answers.10 HOURS of continuing education every two years. Identify those who may have an insurable interest in a property. - correct answers.Persons must have an insurable interest in the things insured at the time of the loss. Understand what the Declarations of a policy outlines. - correct answers.o The Insured(s) and Property covered o The limits of insurance
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