CTMentor

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.

National Average Salary

$30,730.00/year

Important Abilities

   1. Number Facility
   2. Written Comprehension
   3. Mathematical Reasoning
   4. Speech Clarity
   5. Oral Expression

General Work Activities

   1. Evaluating Information Against Standards
   2. Processing Information
   3. Getting Information Needed to Do the Job
   4. Communicating With Other Workers
   5. Documenting/Recording Information

Important Skills

   1. Reading Comprehension
   2. Mathematics
   3. Information Gathering
   4. Writing
   5. Active Listening

Frequent Work Context

   1. Job-Required Social Interaction
   2. Deal With External Customers
   3. Indoors
   4. Importance of Being Exact or Accurate
   5. Importance of Being Sure All Is Done

Related Careers

Related Majors (A) Associate (B) Bachelors (C) Certificate (D) Doctor (M) Master

Administrative Professional/Office Technology (A)
Business/Office (A)
Clerical Studies (A)
College Student Personnel (M)
Computer Office Technologies (A)
General Clerk (A)
Office Studies (A)
Office Systems (A)
Office Systems Support (A)
Office Systems Technology (A)
Office Systems/Specialties (A)
Office Techniques (A)
Office Technology (A)
Office Technology Management (A)
Office Technology/Legal (A)
Office Technology/Medical (A)

CTMentor Institutions Offering Related Majors

No Institution Found

The majors and institutions listed here are based on the current information in our database. Please be aware this information may be subject to change. We strongly encourage you to consult with your career counselor.


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