Insurance Policy Processing Clerks Job Description

Insurance Policy Processing Clerks
Job Description

Process applications for, changes to, reinstatement of, and cancellation of insurance policies. Duties include reviewing insurance applications to ensure that all questions have been answered, compiling data on insurance policy changes, changing policy records to conform to insured party's specifications, compiling data on lapsed insurance policies to determine automatic reinstatement according to company policies, canceling insurance policies as requested by agents, and verifying the accuracy of insurance company records.

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Insurance Policy Processing Clerks Tasks Performed

Calculate premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.
Check computations of interest accrued, premiums due, and settlement surrender on loan values.
Collect initial premiums and issue receipts.
Compare information from application to criteria for policy reinstatement and approve reinstatement when criteria are met.
Compose business correspondence for supervisors, managers and professionals.
Correspond with insured or agent to obtain information or inform them account status or changes.
Examine letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.
Interview clients and take their calls in order to provide customer service and obtain information on claims.
Modify, update, and process existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
Notify insurance agent and accounting department of policy cancellation.
Obtain computer printout of policy cancellations or retrieve cancellation cards from file.
Organize and work with detailed office or warehouse records, maintaining files for each policyholder, including policies that are to be reinstated or cancelled.
Process and record new insurance policies and claims.
Process, prepare, and submit business or government forms, such as submitting applications for coverage to insurance carriers.
Review and verify data, such as age, name, address, and principal sum and value of property on insurance applications and policies.
Transcribe data to worksheets and enter data into computer for use in preparing documents and adjusting accounts.

Insurance Policy Processing Clerks Work Activities

calculate insurance premiums or awards
collect payment
compute financial data
examine documents for completeness, accuracy, or conformance to standards
examine financial documents to verify issue
fill out business or government forms
follow contract, property, or insurance laws
maintain insurance records
maintain inventory of office forms
maintain records, reports, or files
obtain information from individuals
operate business machines
review data on insurance applications or policies
transcribe spoken or written information
type letters or correspondence
use computers to enter, access or retrieve data
use oral or written communication techniques
verify signatures for financial transactions

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