Loss adjusters are responsible for fully examining the damages on a claim. When someone files an insurance claim after suffering a disaster, car accident, theft or fire, a loss adjuster is sent out to thoroughly inspect the damage and help the insurer determine what should be covered. If you ever fantasised about being a private eye or investigative journalist as a kid, maybe you should consider becoming a loss adjuster.
Insurance companies are generally reluctant to pay out large settlements to policyholders. They might therefore call upon a loss adjuster to investigate your case.
A loss adjuster is a claims specialist appointed and paid by an insurance company to investigate a complex or contentious claim on their behalf. They are responsible for establishing the cause of a loss and to determine whether it is covered by your insurance policy. They will therefore visit the site of the loss in order to gather evidence and assess damage.
In some cases, your insurance company may even hire private and forensic investigators to work on their behalf. These investigators are more often than not completely unregulated, and they will go out of their way to discredit your claim.
They will then present the insurance company with a report, recommending appropriate payment based on their perceived validity of the claim. Because they are in the pay of insurance companies, loss adjusters might actively work to secure the lowest possible settlement. They are ostensibly hired to find evidence that could negate your claim. For that reason, it is important to have a qualified loss assessor fighting your corner. They are not appointed to advise you on the best way for you to make a claim — they only look at the incident in the context of your policy cover, and the remit they have with your insurer.
They will not help you if you want to dispute a settlement offer — the onus is on you to prove you are entitled to more than the offer recommended to your insurer by the loss adjuster. In some cases, it might feel as though loss adjusters are actively working against your best interests. But if you appoint a loss assessor, they will fight your corner and expertly negotiate your claim on your behalf.
It pays to appoint them as early in the claim as you can. Loss Assessors are appointed by policyholders to manage a claim on their behalf. List of Partners vendors. A claims adjuster investigates insurance claims to determine the extent of insuring a company's liability.
A claims adjuster reviews each case by speaking with the claimant, interviewing any witnesses, researching records such as police or medical records , and inspecting any involved property. Claims adjusters verify insurance claims and determine a fair amount for settlement.
These can be any type of claim, from personal injury to property damage. In property damage claims, the main role of the insurance adjuster is to carry out a detailed investigation into the claim by:. For example, if a homeowner makes an insurance claim due to a tree falling on the house, a claims adjuster would interview the claimant homeowner , along with any witnesses, and inspect the property to determine the extent of the damage and the costs of repairing the property.
The claims adjuster then submits documentation to the insurance company describing the incident and recommendations for the claim amount how much money the insured will receive from the insurance company to repair the property.
Adjusters very often try to convince property owners to accept less money than their claim is worth. Becoming a claims adjuster is not typically a career path that people think about, but is an industry in high demand of careers. Typically, insurance claims adjusters need at least a high school diploma, although an associate's or bachelor's degree can be preferred. From there, individuals will need to study and pass a licensing exam. Some states require a certain number of hours of training that must be done ahead of time.
From there, insurance adjusters need to complete continuing education credits in order to keep their license. In California, licensed independent insurance adjusters must complete a minimum of 24 hours of continuing education, per every two-year license term. For example, in Florida, insurance claims adjusters must pass certain exams and need to hold professional qualifications.
Residents can either take and pass the Florida Adjuster Examination, or take a pass a state-approved adjuster designation course. The state will also ask for proof that they have taken part in 24 hours of continuing educations at least every two years. The following states do not require licenses for insurance adjusters:. The average salary of a claims adjuster in the U. Claims adjusters have very stable careers: there is always demand for this role, and even in a recession, there will always be a need for adjusters to come and estimate the damage caused by natural disasters for individuals, businesses, and corporations.
In addition, it's pretty easy to become a claims adjuster, if you're willing to put in the work and pass the licensing exam. In addition, claims adjusters have a lot of freedom in their work. It's definitely a mobile job, but claims adjusters work on everything from estimating hurricane damage to doing paperwork, consulting, inspection, and more. It's really a job that you can build to focus on what you love and hire out for the parts you don't. Especially if you're an independent claims adjuster, you can choose how you charge for the job and how you're paid.
Claims adjusters work for the insurance company. They either work directly for the insurance company, or they may be a freelance adjuster hired by the insurance company to handle specific claims. In either case, they will not have your best interests in mind, as their employer is the insurance company.
It is a good idea to consider employing your own independent claims adjuster, who works to protect your interests in a claim.
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