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In 1959, the national claims division of AF&C became National Claims Service, an independent adjuster that could be contracted by other insurance firms. The Safety Engineering Division also began offering services to other firms. [3]
An independent adjuster is contracted by an insurance company to assess and investigate claims. Independent adjusters are expected to operate impartially to recommend a settlement. Independent ...
Similar to a company adjuster, an independent adjuster works on behalf of the insurance company, but unlike company adjusters, they are not employees of the company. They are hired on a contract ...
Farmers Insurance has more than 48,000 exclusive and independent agents and approximately 21,000 employees. Farmers is the trade name for three reciprocal exchanges , Farmers, Fire, and Truck, each managed by Farmers Group, Inc. as attorney-in-fact on behalf of their respective policyholders. [ 3 ]
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 ...
In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an underwriting insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts".