Processes 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.
This career is part of the Finance cluster Insurance pathway.
A person in this career:
- Processes and records new insurance policies and claims.
- Corresponds with insured or agent to obtain information or inform them of account status or changes.
- Reviews and verifies data, such as age, name, address, and principal sum and value of property on insurance applications and policies.
- Compares information from application to criteria for policy reinstatement and approves reinstatement when criteria are met.
- Examines letters from policyholders or agents, original insurance applications, and other company documents to determine if changes are needed and effects of changes.
- Modifies, updates, and processes existing policies and claims to reflect any change in beneficiary, amount of coverage, or type of insurance.
- Transcribes data to worksheets and enters data into computer for use in preparing documents and adjusting accounts.
- Organizes and works with detailed office or warehouse records, maintaining files for each policyholder, including policies that are to be reinstated or cancelled.
- Notifies insurance agent and accounting department of policy cancellation.
- Processes, prepares, and submits business or government forms, such as submitting applications for coverage to insurance carriers.