Insurance Policy Processing Clerks

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About the Job

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.

It is also Called

  • Underwriting Assistant
  • Special Certificate Dictator
  • Service Representative
  • Secretary
  • Revival Clerk
  • Reviewer
  • Reinsurance Clerk
  • Rater Associate
  • Processing Clerk
  • Premium Service Representative
show all

What They Do

  • Check computations of interest accrued, premiums due, and settlement surrender on loan values.
  • Obtain computer printout of policy cancellations or retrieve cancellation cards from file.
  • Compare information from application to criteria for policy reinstatement and approve reinstatement when criteria are met.
  • Compose business correspondence for supervisors, managers, and professionals.
  • Examine letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.
  • Calculate premiums, refunds, commissions, adjustments, and new reserve requirements, using insurance rate standards.
  • Notify insurance agent and accounting department of policy cancellation.
  • Transcribe data to worksheets and enter data into computer for use in preparing documents and adjusting accounts.
  • Modify, update, and process existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
  • Collect initial premiums and issue receipts.

Interests

People who work in this occupation generally have the interest code: C.

This means people who work in this occupation generally have Conventional interests.

Work Values

People who work in this occupation generally prize Support, but also value Relationships and Independence in their jobs.

Things They Need to Know

  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.

Things They Need to Be Able to Do

  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Speaking - Talking to others to convey information effectively.
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Time Management - Managing one's own time and the time of others.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Education Required

These occupations usually require a high school diploma.

Wages

In 2016, the average annual wage in Pennsylvania was $41,010 with most people making between $28,150 and $56,600

Outlook

0.17%
avg. annual growth

During 2014, this occupation employed approximately 12,370 people in Pennsylvania. It is projected that there will be 12,580 employed in 2024.

This occupation will have about 21 openings due to growth and about 309 replacement openings for approximately 330 total annual openings.



Pennsylvania Department of Education