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Insurance Adjuster, definition & meaning

First, an insurance adjuster can also be referred to as a claims adjuster. Now an insurance adjuster can double for so many things under this line of work. Whenever there is a claim that involves property damage, personal injury, or liability, the insurance adjuster will be there to handle it professionally.

Insurance Adjuster, definition & meaning

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This is what they are taught to do, handle everything that has to do with claims, insurance, and liabilities between the parties involved. However, before you practice as an insurance adjuster or a claims adjuster in your state, you must have a license to practice from your state of residence. Moreover, the process of getting a license to practice may require taking some courses and continuing education courses even when you already have the license

Who is an insurance adjuster

Apparently, an insurance adjuster looks into insurance claims, investigates, and determines or decides what should be paid for the claims.

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An insurance adjuster is a person that gets to look into your insurance policy and help you to figure out the best compensation you should receive from your insurance company.

Now, these compensations come when you encounter some losses, property damages, or even medical bills. So, the adjuster looks at the extent of the damage, loss, or injury, speaks with you, and looks at the reports documented.

This information will help the adjuster in getting fair compensation from the insurance company. Also, you can hire an adjuster, or the insurance company hires one.

Most time, they are independent individuals with one thing in mind, to review the claims and know the appropriate way to settle out a fair compensation under the terms of the policy involved.

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Types of insurance adjusters

Basically, there are different types of insurance or claims adjusters. These adjusters fall into these categories:

Independent Insurance adjusters

Here, these ones are mostly freelance adjusters or self-employed adjusters. They are hired by companies or individuals in need of their services. Either because the company does not have one under their employment, or because the claims are in a state where they can easily hire a one-off adjuster. Moreover, independent adjusters can always be hired by an insurance company over time because of many reasons.

Public adjusters

Again, public adjusters work mostly for the insured. However, that does not mean that they can’t work for insurance companies. Public adjusters work for the insured and make sure they get very good compensation since they get their fees through the settlement.

Company adjusters

These ones are under an insurance company payroll. Hence, the major part of their loyalty lies with the company. Although they also want you to get fair compensation, they would work to reduce the claims against the company they work for. This is because, they already have the best interest of the insurance company they work for, at heart.

What is the job of an insurance adjuster?

Ultimately, the role of anyone in this profession can be tasking and many. Firstly, for the independent adjusters, once you contract them, and file a claim with the insurance company. They take up the job of investigating the claims and gathering all the details they need.

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These details may include going to verify the damage, injury, or loss. Not only that but also hearing from witnesses, gathering police reports, and looking at bills and expenses involved. Then, they report back to the insurance company. At this stage, they look at the policy and begin claims negotiation for a fair settlement.

Take, for example, a car insurance policyholder reports a car theft or damage to the car. An insurance adjuster starts by investigating the damage or theft and looks at the insured car policy. Then, get all the evidence he or she needs and negotiates an appropriate compensation for the insured.

How to become an insurance adjuster

To begin with, this job is not meant for a specific set of people. Therefore, anyone interested can become an adjuster. That is if you meet the license requirements. Before you take up this job, you must first have at least, a high school certificate or preferably, a bachelor’s degree. Furthermore, the job requires some training that you must undergo. Then, the exams that you must pass before you get your license.

This is not all, as an insurance adjuster, you must complete your continuing education credits. These credits must be from at least 24 hours of continuing education before your 2-year license change.

However, not all states in America require a license before you can practice as an insurance adjuster. All you need to do is to find out what your state demands from this profession before you go in.

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Benefits of becoming an insurance adjuster

Certainly, it first thing humans think about before venturing into a career, job, or business is the gains. Before you start out as a claim adjuster, you must weigh the pros and the cons.

Though it is a known fact that this line of job can be tasking and very demanding. However, there are weighty gains and perks associated with the job, and here are a few:

  • Career freedom

This line of job gives you the whole time in the world to work as you wish. Independent claims adjuster work at their own pace and decides on which jobs to take or not. The job gives you the opportunity to visit places that you would not even visit while sitting in an office.

  • Job versatility

Claims or insurance adjusters can be in the form of an investigator today, investigating damage or loss. Tomorrow, they are off to another region to negotiate a claim. This line of jobs allows you to be in different roles per time while pursuing a claim settlement.

  • Job flexibility

You can be doing other jobs while retaining your insurance adjuster job. Not just that, you can even work on multiple claims for different clients as long as you can deliver excellently.

  • Income 

So, an adjuster gets an income higher than most people with static jobs. An independent adjuster who takes up multiple claims settlements gets more income from different clients and bonuses.

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