Top 10 important words and phrases for Insurance Claim Examiner

Top 10 important words and phrases for Insurance Claim Examiner Introduction: The Importance of Vocabulary in Insurance Claims Hello everyone! As an insurance claim examiner, your job involves understanding and interpreting various documents and policies. Having a strong grasp of the right words and phrases is crucial for accurate assessments and effective communication. 1. Policy Coverage When examining a claim, the first thing you need to determine is whether the policy covers the incident. Look for terms like 'peril,' 'endorsement,' and 'exclusion' to understand the extent of coverage. 2. Deductible The deductible is the amount the policyholder must pay before the insurance kicks in. It's important to clarify the deductible amount and its impact on the claim's value. 3. Subrogation Subrogation refers to the insurer's right to pursue a third party that caused the loss. Understanding this concept helps in assessing liability and potential recoveries. 4. Salvage