what is adjusting

Question 1

claim function

Answer 1

part of insurance contract for the insurer to fulfill their promise to the insured by indemnifying them fairly for both parties

Question 2

adjusting

Answer 2

process of comparing a claimant losses to the promises Made in insurance policy

Question 3

who does an adjuster work for?

Answer 3

the insured or insurer

Question 4

staff adjuster (company adjuster)

Answer 4

works for one company locally, regionally,or nationally salary based

Question 5

Independent adjuster (fee or bureau adjuster)

Answer 5

self employed can work for more than 1 company at a time, paid by schedule +fee+time

Question 6

public adjuster

Answer 6

works for the insured and are hired to negotiate and and appriaseon the behalf of insured to be indemnified properly if insured is not confident to do so themself

Question 7

emergency adjuster

Answer 7

temporarily licensed to service that many claims arising from catastrophic events

Question 8

what are the responsibilities of an insurance adjuster ?

Answer 8

1 acts as fiduciary agent
2 power to bind
3 report to the principal

Question 9

fiduciary agent

Answer 9

have authority by contract to act on behalf of principal(insurer) to settle claims while protecting principal financial and property interest

Question 10

principal

Answer 10

the employer

Question 11

what are the adjuster reports?

Answer 11

initial, interim, and final reports

Question 12

initial report

Answer 12

filed within 15 days of claim, losses, parties involved, coverages, initial claim reserve, and timeline and deadlines

Question 13

interim report

Answer 13

set days after a claim still hasn’t been settled with new info

Question 14

final report

Answer 14

all facts, policy coverages, adjusted losses, final claim disposition