Top 10 English Slangs for Insurance Claims Clerks

Top 10 English Slangs for Insurance Claims Clerks 1. Policy Lingo: 'Deductible' When discussing insurance policies, 'deductible' refers to the amount the policyholder must pay out of pocket before the insurance coverage kicks in. It's crucial to understand the deductible amount to accurately assess claims. 2. Claim Jargon: 'Total Loss' In the event of significant damage to a vehicle or property, 'total loss' is used to indicate that the cost of repairs exceeds the item's value. This term helps determine whether to repair or replace the insured item. 3. Assessment Slang: 'Subrogation' When an insurance company pays a claim, they may have the right to recover the amount from another party responsible for the loss. This process is called 'subrogation.' It's essential to identify potential subrogation cases to avoid financial losses. 4. Fraud Alert: 'Staged Accident' A 'staged accident' refers to a deliberate collision or event created to make a fraudulent insurance claim. Insurance claims clerks need to be vigilant in identifying signs of staged accidents to prevent fraudulent payouts. 5. Customer Service Slang: 'First Notice of Loss (FNOL)'