Top 10 important words and phrases for Insurance Policy Processing Clerk

Top 10 important words and phrases for Insurance Policy Processing Clerk Introduction: The Importance of Vocabulary in Insurance Policy Processing Hello everyone! As an insurance policy processing clerk, your role involves handling a vast amount of information. Having a strong grasp of the vocabulary used in the industry is crucial for accurate and efficient work. In this video, we'll cover the top 10 words and phrases that will be the building blocks of your insurance career. 1. Premium The premium is the amount an individual or business pays to an insurance company for coverage. It's usually paid on a regular basis, such as monthly or annually. As a policy processing clerk, you'll often deal with premium calculations, adjustments, and ensuring timely payments. 2. Deductible A deductible is the amount an insured person must pay out of pocket before their insurance coverage kicks in. It's a cost-sharing mechanism between the insured and the insurer. Understanding deductibles is essential for accurately assessing claims and explaining coverage to policyholders. 3. Policyholder The policyholder is the individual or entity that owns an insurance policy. They're the ones who pay the premium and are covered by the policy's terms. As a policy processing clerk, you'll interact with policyholders regularly, addressing their queries and updating their information. 4. Underwriting