National Application Center :: career details :: Insurance Policy Processing Clerks
Career Details :: Insurance Policy Processing Clerks
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.
Experience
Some previous work-related skill, knowledge, or experience may be helpful in these occupations, but usually is not needed. For example, a drywall installer might benefit from experience installing drywall, but an inexperienced person could still learn to be an installer with little difficulty.
Education
These occupations usually require a high school diploma and may require some vocational training or job-related course work. In some cases, an associate's or bachelor's degree could be needed.
Training
Employees in these occupations need anywhere from a few months to one year of working with experienced employees.
Tasks
- Reviews and verifies data, such as age, name, address, and principal sum and value of property, on insurance applications and policies.
- Transcribes data to worksheets and enters data into computer for use in preparing documents and adjusting accounts.
- Calculates premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.
- Notifies insurance agent and accounting department of policy cancellation.
- Compares information from application to criteria for policy reinstatement and approves reinstatement when criteria are met.
- Collects initial premiums, issues receipts, and compiles periodic reports for management.
- Examines letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.
- Corresponds with insured or agent to obtain information or inform them of status or changes to application of account.
- Receives computer printout of policy cancellations or obtains cancellation card from file.
- Checks computations of interest accrued, premiums due, and settlement surrender on loan values.
Related Careers
- Adjustment Clerks
- Claims Examiners, Property and Casualty Insurance
- Credit Checkers
- Insurance Appraisers, Auto Damage
- Insurance Claims Clerks
- Medical Records and Health Information Technicians
- Order Clerks
- Procurement Clerks
- Statement Clerks
Important Abilities
General Work Activities
- Evaluating Information Against Standards
- Processing Information
- Getting Information Needed to Do the Job
- Communicating With Other Workers
- Documenting/Recording Information
Important Skills
Frequent Work Context
- Job-Required Social Interaction
- Deal With External Customers
- Indoors
- Importance of Being Exact or Accurate
- Importance of Being Sure All Is Done
