About Insurance Adjusters
Insurance adjusters are professionals who reconcile claims. Claims are losses that policyholders submit to their insurance companies with the hopes of payment. They can range from car damage to injury lawsuits. For this reason, most insurance companies train their insurance adjusters to specialize in one area in order to provide the best service to the public.
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Function
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The function of an insurance adjuster is to reconcile a claim. Reconciliation is a word that encompasses all of the work an adjuster does to figure out if a claim should or should not be paid. It normally involves a review of the insurance contract, investigation of the facts, and determination of the exact value of the loss. Many times, an adjuster will call for special reports: auto estimates, property appraisals and police reports. They will also talk to the people involved in the loss: policyholder and claimant. These things are done to determine if payment is in order and if it all lines up with the description of an accident or particular insurance policy on file.
Type
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Auto adjusters deal specifically with claims for car damage. In training, they are not only taught the rules of the road for particular states, auto adjusters are taught the parts of a vehicle. Insurance companies understand that they need knowledge about both in order to reconcile a claim. Common claims for these types of adjusters normally involve fender benders and parking lot losses. Because these are the most common types of accidents, auto adjusters must be quick to determine who is at fault and what should be paid for a vehicle's damage. Their work load is heavy and usually involves the receipt of several new claims a day.
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Type
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Property adjusters handle claims for damages to a home. Insurance companies train them to understand the makeup of a home and the value of its different parts. Most of their day is spent reviewing homeowner contracts and the details of a loss. Like an auto adjuster, they have to work quickly to determine payouts based on a heavy workload. The average claim for these adjusters is wind, water and fire damage. Also, it is important to note, these adjusters rarely deal with liability. They normally don't have to figure out who is at fault in order to pay a claim. Property adjusters must only figure out if the claim is payable based on the insurance contract on file.
Type
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Medical adjusters or personal injury protection adjusters reconcile medical claims. They are trained to understand medical reports, bills and the mechanisms of the human body. As long as an injury lines up with the type of accident on record and is payable under the insurance contract, they will pay them. The normal turn-around time for these type of claims is 30 days.
Type
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Bodily injury or casualty adjusters handle injury claims. They are trained to understand how different types of injuries effect the body, what they are worth in value to a jury and liability law. Because the type of claims they review can be high in value and complicated in regards liability, they normally receive a lot less work than an auto or property adjuster. However, the work they do receive usually requires a review of medical records along with the cause of damage. Then, it's up to them to negotiate a value with an attorney or injured party to settle the bodily injury claim. It is important to note that the majority of claims handled by these types of adjusters don't make it to court. The average bodily injury claim is for a neck or back strain and can be paid for a small amount.
Significance
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Insurance adjusters do benefit society. Often, they get a bad rap because the public feels they are trying to shortcut them in regards to payment for a claim. However, largely, this isn't true. Insurance adjusters are like medics who come to an accident scene. They can revive a person who has lost everything to an unfortunate incident.
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Resources
- Photo Credit An auto adjuster would handle this loss. (Photo by M. Zacharzewski w/Sxc.hu)
