With the enhanced Adobe integration, your creative workflow between Premiere Pro, After Effects, and Adobe Audition eliminates steps like intermediate rendering.
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Green screen is one form of chroma key compositing, or chroma keying, is a special effects / post-production technique for compositing (layering) two images or video streams together based on color hues (chroma range). The technique has been used heavily in many fields to remove a background from the subject of a photo or video – particularly the newscasting, motion picture and videogame industries. A color range in the foreground footage is made transparent, allowing separately filmed background footage or a static image to be inserted into the scene. Read more about green screen and chroma keying at Wikipedia.