Claims Adjuster - Explained
What is a Claims Adjuster?
If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
Back To: INSURANCE & RISK MANAGEMENT
What is a Claims Adjuster?
An adjuster is a claim agent who is responsible for investigating and evaluating an insurance claim to determine the extent of the insurance company's liability. During the investigation process, the adjuster may interview the claimant and witnesses, inspect the damaged property or may review hospital records and police records to evaluate a claim.
What Does a Claims Adjuster Do?
There are broadly three types of adjusters who evaluate an insurance claim. An adjuster may represent an insurance company, they are known as Insurer adjusters. The adjusters who are hired by a claimant are known as public adjusters and there are independent adjusters who work on a freelance basis. Insurer adjusters work on behalf of the insurance company and are directly employed by the company. They investigate the claims to establish whether the company is liable to pay for the claim and if yes, the extension of the liability. It is their responsibility to ensure that the company does not have to pay an undue amount, while at the same time they confirm that the claimant is not cheated. Independent adjusters are also hired by the insurance companies and have the same responsibilities, but they are not an employee of an insurance company, they work on a freelance case to case basis. If a company has too many cases to handle or doesnt have an adjuster at its disposal to handle their cases, the company may hire an independent adjuster. During the times of natural calamity, the demand for such adjusters increases. A claimant may hire a public adjuster to ensure the highest possible settlement. Generally, when a claim is of a significant amount, the claimant tends to hire their adjuster. The public adjusters usually take a percentage of the claim amount as their commission. Thus, they try to secure the highest amount of settlement for the claimant as their income depends on that. Property claims and liability claims are two of the most investigated claims. It is the responsibility of the claimant to convince the insurer adjuster about a settlement. Thus, they need to take photographs of damaged property and get all the paper works done with precision. If a claimant receives a settlement amount which is significantly low, they must follow the appeal process before depositing the cheque. They may also consider hiring a public adjuster who will assess the claim and prepare a report. The claimant can submit this report during the appeal process to secure a higher amount. Hiring an efficient public adjuster is often crucial for getting a settlement amount which is deserved by the policy owner.
- Insurance Law (Intro)
- What is insurance?
- Captive Agent
- Independent Agent
- Captive Insurance Company
- Combined Ratio
- Claims Adjuster
- Capital at Risk
- Assigned Risk
- Incurred But Not Reported
- Qualified Actuary
- Cession (Re-Insurance)
- Burning Cost Ratio
- What is an insurance contract?
- Accidental Means
- Anti-stacking Provisions
- What is an insurable interest?
- What are the common categorizations of insurance?
- National Association of Insurance Commissioners
- Insurance Regulatory Information System
- American Academy of Actuaries Definition
- American Association of Insurance Services Definition
- American Council of Life Insurance Definition
- American Insurance Association Definition
- American Risk and Insurance Association Definition
- LLoyd's of London
- Associate in Insurance Services (AIS) Definition
- Associate in Loss Control Management Definition
- Associate in Marine Insurance Management Definition
- Associate in Personal Insurance Definition
- Associate in Reinsurance (ARe) Definition
- Associate in Risk Management Definition
- Associate in Commercial Underwriting Definition
- Associate in Insurance Accounting and Finance Definition
- Associate in Surplus Lines Insurance Definition
- Chartered Insurance Professional Definition
- Chartered Life Underwriter Definition
- Chartered Property Casualty Underwriter Definition
- Vehicle insurancePrivate Passenger Auto Insurance Risk Profile
- Underinsured Motorist Coverage
- Uninsured Motorist Coverage
- Omnibus Clause
- Health Maintenance Organization
- Capitated Contract
- Point of Service Plan
- Children's Health Insurance Program
- Disability Insurance?
- Credit Disability Insurance
- Life Insurance?
- Cash Surrender Value
- Absolute Beneficiary
- Acceleration Life Insurance
- Accelerated Benefit
- Accelerated Option
- Accelerative Endowment
- Charitable Gift Life Insurance
- Incontestability Clause
- Waterfall Concept
- Assumed Interest Rate
- Clean Sheeting
- Hazard Insurance
- Homeowners, Renters, and Fire Insurance?
- Participating Community (Flood Insurance)
- Insurance Considerations for Business
- Business Liability Insurance
- Commercial General Liability
- Liability Risk Retention Act
- Excess Insurance and Umbrella Insurance Policy
- Business Interruption Insurance
- Key Person Insurance Definition
- Own-Occupation Policy
- Self-Funded Health Insurance Plan
- Basket Retention Policy
- Commercial Blanket Bond
- Alternative Risk Transfer Market Definition
- Commercial Property Casualty Market Index Survey
- What are the primary obligations of the insurer?
- Earned Premium
- Reservation of Rights Letter
- Collateral Source Rule
- What are the primary obligations of the insured?
- Insurance Premium
- Affidavit of Loss
- What is the general structure of an insurance contract?
- Ambiguity Principle
- Accommodation Line
- What are the common disputed provisions in an insurance contract?
- Absolute Exclusion
- All Risks Clause
- What is required for the termination of an insurance contract?
- Risk Management
- Professional Risk Manager
- Associate in Management (AIM)
- Financial Risk Manager
- Forecasting (Business)
- Objective Probability
- Unconditional Probability
- Enterprise Risk Management (ERM)
- Operational Risk
- Business Recovery Risk
- Political Risk
- Asset Protection
- Performance Bond
- Barra Risk Factor Analysis Definition
- Above Ground Risk (Mining Industry)
- Bumbershoot Policy (Maritime)
- Abandonment Clause (Boat or Vessel)
- Bobtail Liability Insurance (Trucking Industry)
- Anti-Indemnity Statute (Construction)