Top 10 English Slangs for Insurance Policy Processing Clerk

Top 10 English Slangs for Insurance Policy Processing Clerk 1. Policy Jargon: A Crash Course To start off, let's talk about policy jargon. It's the specialized language used in insurance documents. Terms like 'deductible,' 'premium,' and 'endorsement' are commonly used. Familiarize yourself with these terms as they'll be part of your daily conversations. 2. ACV: Actual Cash Value ACV stands for Actual Cash Value. It's the value of an asset after depreciation. For example, if a car is damaged, the ACV will be its current worth, considering factors like age and wear and tear. 3. COI: Certificate of Insurance COI, or Certificate of Insurance, is a document that proves the existence of an insurance policy. It's often required when entering into contracts or for regulatory compliance. 4. LOB: Line of Business LOB, or Line of Business, refers to the type of insurance being offered. It could be property, casualty, health, or any other category. Understanding the LOB helps in providing accurate information to clients.