Claims

Question 1

Formal request to an insurance company requesting a payment according to the terms of an insurance contract.

Answer 1

Insurance claim

Question 2

Independent adjusters work on behalf of Insurance companies

Answer 2

as an independent contractor

Question 3

Staff Adjusters work on behalf of insurance companies as

Answer 3

an employee

Question 4

An adjuster working in disaster zones

Answer 4

Catastrophe sometimes called CAT adjuster

Question 5

Public adjusters

Answer 5

Assist the policy holder in presenting the claim to the insurance company

Question 6

3rd party claims

Answer 6

are claims submitted under liability policies

Question 7

1st party claims

Answer 7

made by a policy holder, insured or beneficiary

Question 8

Investigates, adjusts, negotiates, and or prepares for trial for claims arising under policies of insurance

Answer 8

Claim Rep/Claims adjuster

Question 9

Power to bind

Answer 9

principal is bound to the decisions of the adjuster

Question 10

Implied Authority

Answer 10

allows an adjuster to exercise their express authority

Question 11

Express Authority

Answer 11

Authority provided to an adjuster (orally or in writing) by the insurance company.

Question 12

Adjusters are required to be honest and trustworthy as a condition of their license

Answer 12

there fore they must be aware of their fiduciary responsibilities

Question 13

Appointment

Answer 13

Contract between an adjuster and the insurance company for which they adjust claims

Question 14

Fiduciary agent

Answer 14

should not represent interests that are adverse to the principle

Question 15

Power granted to an adjuster who is appointed

Answer 15

Agent authority