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There are several different types of claims adjusters. An independent adjuster is contracted by an insurance company to assess and investigate claims. Independent adjusters are expected to operate ...
Public adjusters are not employed by the insurance company and third parties used to help settle claims on behalf of policyholders, but you are generally responsible for paying the costs ...
A home insurance adjuster handles claims for the insurance company or policyholder. Their job is to verify the claim details, investigate the loss, look at the damage and estimate repair costs.
The institute offers qualifying examinations that cover insurance law, claims procedure, report writing and loss adjustment. Those who pass these examinations may then be elevated to different levels dependent upon their qualification. The first objective of the institute is the study of the profession. [3]
The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD. Insurance company claims departments employ a large number of claims adjusters, supported by a staff of records management and data entry clerks. Incoming claims are classified based on ...
This term is also now commonly used in commercial general liability (CGL) policies or so called "casualty" business. In these instances, the liability policies are written with a large (in excess of $50,000) self-insured retention (SIR) that operates somewhat like a deductible, but rather than being paid at the end of a claim (when a loss payment is made to a claimant), the money is paid up ...