The situations where you find your daughter's verbosity as inappropriate are situations where she doesn't yet understand the socially acceptable situations to speak to someone. You wouldn't punish a child for interrupting, but you would tell them that they need to wait for you to be finished and that interrupting is impolite. Same goes for the phone.

I think "little miss talks a lot" is at the stage where she can't comprehend on her own why she's not being listened to. I don't think a five year old can understand that her talking is taking attention away from what others are doing. I've also noticed that little kids are notoriously bad at applying a "word budget" when they are relating information or telling a story. They don't seem to have the concept of 'irrelevant' yet.

Telling your daughter that she talks a lot isn't mean; it's a lesson about learning to communicate effectively. And that's something she's going to learn one way or another!! Better you than somebody else!!