Lapsed Policy Meaning

Life Assurance: an Historical and Statistical Account of the Population, the Law of Mortality, and the Different Systems of Life Assurance; Including the Validity and Non-validity of Life Policies: with Observations on Friendly Societies and Savings' Banks ...

Top Insurance Interview Questions and Answers - English

Preparing for an insurance interview typically involves familiarizing yourself with industry concepts, customer service skills, and technical knowledge related to insurance policies, underwriting, claims processing, and risk management. Here’s a selection of common insurance interview questions, along with tips for answering them: 1. Tell me about yourself and your experience in the insurance industry. Answer: Focus on relevant experience, emphasizing your knowledge of insurance policies, risk assessment, or any claims or underwriting roles. Include specific achievements, such as customer service awards or successful claims handled. Example: "I have over three years of experience in the insurance sector, specializing in claims management. I’ve managed complex claims and consistently achieved high customer satisfaction ratings due to my ability to explain policy details clearly and ensure timely claims processing." 2. What interests you about working in the insurance industry? Answer: Show your understanding of the industry’s importance and what motivates you. Mention the stability of the field, the opportunity to help people, or your interest in risk management. Example: "Insurance plays a crucial role in helping individuals and businesses recover from unexpected events. I’m drawn to the field because it combines my analytical skills with my desire to provide meaningful assistance to others." 3. How do you explain complex insurance policies to customers? Answer: Highlight your communication skills. Mention any strategies you use to ensure customers understand, like breaking down complex terms, using relatable examples, or providing written summaries. Example: "I first listen to the customer’s concerns, then break down the policy language into simple, clear steps. For example, I compare different types of coverage to everyday scenarios, which helps them grasp the differences better." 4. Describe a time you handled a difficult client. How did you resolve the issue? Answer: Share a specific example demonstrating patience, empathy, and problem-solving skills. Explain how you stayed calm, listened to the client’s issue, and worked toward a solution. Example: "A client was frustrated over a delayed claim payment. I listened to their concerns, explained the cause of the delay, and expedited the process by coordinating with the claims team to ensure the payment went through promptly." 5. How do you stay updated on industry changes and regulations? Answer: Emphasize your commitment to staying informed. Mention specific methods, such as reading industry publications, attending seminars, or being part of industry networks. Example: "I regularly follow insurance industry news through publications like Insurance Journal, attend local conferences, and participate in webinars to stay updated on regulatory changes." 6. What steps would you take to assess a claim for potential fraud? Answer: Explain the process of verifying the claim’s legitimacy, such as checking policy details, reviewing documents, and collaborating with the fraud team. Example: "I would start by thoroughly reviewing the claim’s details, looking for inconsistencies with the policy or red flags like unusually high claims or suspicious circumstances. I’d collaborate with our fraud detection team to investigate further if needed." 7. How would you handle a claim denial from a customer who feels they are entitled to compensation? Answer: Show empathy and transparency. Outline your approach to explaining policy terms and offering alternative solutions, if any. Example: "I’d listen to the customer’s concerns, carefully review the policy’s terms with them, and explain why the claim was denied. If they’re eligible for alternative options, I would discuss those to help meet their needs." 8. What is your experience with insurance software or data management tools? Answer: Discuss any software you have experience with (such as Guidewire, Salesforce, or specific CRM systems) and how you use them for policy management, claims tracking, or underwriting. Example: "I am proficient with Guidewire, which I used extensively to manage claims and policy updates. I also have experience with Salesforce, where I tracked client interactions and followed up on renewals and inquiries." 9. How do you handle stress, especially when managing multiple cases or policies? Answer: Demonstrate your ability to prioritize tasks and manage time effectively. You can mention techniques you use for organization or how you stay calm under pressure. Example: "I manage stress by prioritizing my cases based on urgency and deadlines. I use task management software to stay organized and set aside regular breaks to ensure I stay focused." 10. Where do you see yourself in five years in the insurance industry? Answer: Align your goals with the company’s growth. You can mention advanced positions like senior underwriter, claims manager, or even roles in risk assessment or compliance if they fit your career path. Example: "In five years, I see myself as a senior underwriter or claims manager, contributing to complex cases and mentoring new team members. I’m committed to growing with the company and taking on responsibilities that align with its goals." Tips for Success: Research the company: Familiarize yourself with its values, products, and recent developments. Use the STAR method: For experience-based questions, answer using the Situation, Task, Action, and Result framework to structure clear, impactful responses. Show empathy and customer focus: Insurance is people-oriented, so highlighting these skills will make you stand out. Stay updated on regulations: The industry is highly regulated, so an awareness of compliance matters is valuable.

Questions and Answers on Life Insurance

*Amazon Bestseller in Life Insurance* A user-friendly guide to making expert decisions on life insurance policies Need help facing the constant barrage of information from competing life insurance companies? With thirty-five years of experience in the life insurance business, Tony Steuer delivers a practical, one-of-a-kind resource for anyone involved in choosing or monitoring a life insurance policy. This guide helps make a complex financial product understandable for consumers and is an essential reference, textbook, and training manual for financial advisors. Using a simple question-and-answer format, Steuer covers the essential basics and the finer points of life insurance, including how to: Differentiate between types of policies Find and evaluate a policy and company Hire a trusted agent Understand the practice of underwriting Monitor a policy’s performance With all the advice to help you avoid unnecessary pitfalls and unpleasant surprises, Steuer’s guide will help you make informed, confident decisions and gain the maximum benefit from your life insurance policy.