Quiz 2 Day 4 FL Personal Lines
Quiz by Brian Morton
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11 questions
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- Q1Sally and Tom are riding in Sally's auto when they are struck by another driver and injured. Sally's medical bills total $5,000 and Tom's bills total $15,000. Sally's policy has a PIP limit of $10,000. How much will Sally's insurer pay in PIP benefits?$15,000 in total: $5,000 for Sally and $10,000 for Tom$10,000, the covered limit$20,000, the PIP limit applicable to each covered person$5,000 because only Sally is covered under her PIP benefits60s
- Q2Karen's home is insured for $300,000. The home is heavily damaged by a hurricane and she pays her 2 percent deductible of $6,000. A second hurricane causes additional damage for a loss of $10,000. How much, if anything, will Karen pay for the deductible on her second claim?Nothing$200$6,000$3,00060s
- Q3Florida law requires property insurers to provide premium credits or discounts for which one of the following?Insuring an auto with the same company or affiliate companyDeclining sinkhole coverageSingle installment premium paymentQualifying wind mitigation measures60s
- Q4A diligent effort to find coverage for a risk in the admitted market means receiving a rejection from how many different insurers?OneFiveThreeTwo60s
- Q5Which one of the following is true of premium financing contracts?Premium financing contacts may include a service charge.Premium finance contracts let the insured pay premiums on an annual basis instead of monthly.There is no limit to the amount a premium finance company may charge in fees.Premium financing contracts cannot be paid off early.60s
- Q6Stasia's auto policy includes $10,000 PIP coverage. Her PIP coverage will respond to all but which of these accidents?Stasia is injured by another vehicle while she is walking across the street.Stasia is injured while riding in a friend's car.Stasia's brother, who has his own coverage, is injured while riding in her car.Stasia's sister, who does not own a vehicle, is injured while riding in Stasia's car.60s
- Q7Sarah's home is insured for $400,000 with a 5 percent hurricane deductible. A hurricane causes $20,000 damage to her home. How much, if anything, will her insurer pay for the loss?$10,000$19,000$19,600Nothing60s
- Q8Why does Citizens sometimes issue assessments to policyholders?To pay premium taxes owed to the stateTo help pay premiums of those who qualify for financial assistanceTo pay claims common to the daily business expenses of running CitizensTo make up for deficits that arise after paying an unusually high number of claims60s
- Q9Which is a reason for which an insurance company can cancel a homeowner insurance policy?Multiple claimsA claim in excess of $50,000The insured's agent no longer represents the companyMaterial misrepresentation60s
- Q10Which statement is correct about motorcycle insurance, its coverage, and benefits?Insurers are required to offer PIP coverage on motorcycle policies.Motorcycles are required to carry only $5,000 in PIP benefits.PIP benefits are not required on a motorcycle insurance policy.PIP benefits from an insured auto extend to an insured motorcycle.60s
- Q11Florida law requires property insurers to provide premium credits or discounts for which one of the following?Qualifying wind mitigation measuresInsuring an auto with the same company or affiliate companyDeclining sinkhole coverageSingle installment premium payment60s