Insurance Claims Adjusting
- answer
Insurance claim - answera formal request to an insurance company requesting a
payment, based on the terms of an insurance policy (contract)
First-party claim - answeris made by a policyholder, insured, or beneficiary, directly
against the insurance company. First-party claims are filed under policies such as
Dwelling or Automobile Physical Damage
Third-party claim - answeris made against an insured who is covered by a liability
policy, such as Commercial General Liability or Malpractice insurance policies. It's
important to remember that policies such as Homeowners, Personal Auto, and Business
Owners contain both first and third-party coverage
What do claims adjusters do? - answerInsurance claims adjusters inspect and
investigate property damage or personal injury claims to determine the amount an
insurance company is liable to pay for a loss
Types of insurance claims adjusters - answer1. Independent adjusters - they work on
behalf of the insurance company
2. Public adjusters - they work on behalf of the policyholders.
Both types must be licensed according to the laws of the state in which they are working
Are independent adjusters permitted to adjust claims on behalf of the individual
policyholder? - answerNo
How may independent adjusters be hired by an insurance company? - answer1. "Staff
or company" adjuster working in the home office of the insurance company.
2. "Field" adjuster who adjusts claims for an insurer in a particular location.
What else can "Staff" adjuster also include and what does that include? - answerStaff
adjusters can also include "specialty" adjusters such as workers compensation
adjusters, accident & health adjusters, automobile claims adjusters, and other
specialties as licensed per state law.
What other companies may independent adjusters work for? And what are these
adjusters referred as? - answerAdjusting companies that deploy teams of adjusters to
work on behalf of an insurer in the case of a catastrophe such as a hurricane, flood, or
tornado. These adjusters are referred to as "catastrophe" or "CAT" adjusters
- answer
Insurance claim - answera formal request to an insurance company requesting a
payment, based on the terms of an insurance policy (contract)
First-party claim - answeris made by a policyholder, insured, or beneficiary, directly
against the insurance company. First-party claims are filed under policies such as
Dwelling or Automobile Physical Damage
Third-party claim - answeris made against an insured who is covered by a liability
policy, such as Commercial General Liability or Malpractice insurance policies. It's
important to remember that policies such as Homeowners, Personal Auto, and Business
Owners contain both first and third-party coverage
What do claims adjusters do? - answerInsurance claims adjusters inspect and
investigate property damage or personal injury claims to determine the amount an
insurance company is liable to pay for a loss
Types of insurance claims adjusters - answer1. Independent adjusters - they work on
behalf of the insurance company
2. Public adjusters - they work on behalf of the policyholders.
Both types must be licensed according to the laws of the state in which they are working
Are independent adjusters permitted to adjust claims on behalf of the individual
policyholder? - answerNo
How may independent adjusters be hired by an insurance company? - answer1. "Staff
or company" adjuster working in the home office of the insurance company.
2. "Field" adjuster who adjusts claims for an insurer in a particular location.
What else can "Staff" adjuster also include and what does that include? - answerStaff
adjusters can also include "specialty" adjusters such as workers compensation
adjusters, accident & health adjusters, automobile claims adjusters, and other
specialties as licensed per state law.
What other companies may independent adjusters work for? And what are these
adjusters referred as? - answerAdjusting companies that deploy teams of adjusters to
work on behalf of an insurer in the case of a catastrophe such as a hurricane, flood, or
tornado. These adjusters are referred to as "catastrophe" or "CAT" adjusters
