Life Insurance Claims Processor

Union Wage Schedule

Hourly Rate: $30.63

Overview

Processes death claims for life and annuity products and life riders for all products; terminates policies, creates coverages for secondary insureds upon death of primary insured, calculates value of death benefits and taxable portion if any. Responds to inquiries from agents, clients, or beneficiaries regarding outstanding requirements for pending claims.

Core Responsibilities

• Reviews all documents associated with death claims, ensuring all information matches and is complete; terminates policies
• Reviews all policies held by insured to determine beneficiaries
• Corresponds with claimants, agents or others to obtain required forms or documentation that have not been submitted; explains procedures, provides guidance, corrects misconceptions and explains problem resolution
• Determines death claim benefits based on terms of policy and date of death; calculates payments, including dividends, premiums, loans and date of birth adjustments on death claim proceeds; processes any online accounting in order to adjust the claim values to the date of death; transfers proceeds to appropriate account for reduction of an outstanding loan on other policies or payment of initial premium on new applications; processes funeral assignments and payments to funding companies
• Composes correspondence and transmittal letters to beneficiaries regarding benefit amounts and tax consequences; provides documents to department typist for processing
• Calculates federal and state withholding amounts based on the taxable portion of the death benefit. Performs manual calculations in case of multiple beneficiaries; processes transfers to other companies, confirm that fraternal death claims meet the required criteria
• Calculates paid up coverage amounts on policies that insure more than one client and then creates coverages, through file maintenance, on all surviving insureds; removes coverages on policies when required
• May split policy depending on wishes of claimants, converting to new or transferring to other existing policies; sets up settlement options and deferred payment streams; coordinates with New Business as necessary for new applications and policy numbers
• Performs other related duties as assigned

Skills Qualifications

• Thorough knowledge of KofC life and annuity products
• Mathematical skills
• Detail oriented; ability to determine and correct errors related to job duties
• Communication skills
• Customer service skills

Systems/Technical Knowledge:

• Ability to enter and review data in Ingenium; basic knowledge of Life70
• Ability to use AWD
• Ability to use DCLM system
• Ability to use PC and related software, including Microsoft Office

Education

Required:

• High school diploma
• 3-5 years of KofC insurance experience with knowledge of tax laws governing payment of death claims

Physical Demands