What Is Insurance Adjusting?
If you have insurance and have ever suffered a medical or property loss, chances are the fate of your claim was at the mercy of an insurance adjuster. These individuals work for insurance companies, and their primary job is to investigate the circumstances surrounding your claim and to authorize payments for covered losses.
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Adjuster's Tasks
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According to the Occupational Outlook Handbook, insurance adjusters do all that is necessary to process a claim. They begin by confirming that a loss has actually occurred and then examine the circumstances of the loss. This might include estimating repair costs, interviewing witnesses, working with the police and consulting other professionals "who can offer a more expert evaluation of a claim." Their work is concluded when all matters about the claim are complete and the claimant has received payment for the loss, or payment for the loss has been denied.
Medical Adjusting
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Medical adjusting involves life or health insurance claims. This type of adjusting includes determining the validity of a health claim and whether the costs related to the claim are reasonable based on the claimant's diagnosis.
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Property and Casualty Adjusting
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P & C adjusters assess property damages. Property and casualty insurance adjusters evaluate claims related to property loss, such as homeowners and auto claims. Like medical claims adjusters, these adjusters evaluate whether the losses being claimed are legitimate. It is the adjuster's responsibility to determine if the claimant's loss is covered under the terms of the insurance policy. The adjusters also must consider what portion of a claimant's affected property can be salvaged and what can not.
Work Environment
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Insurance adjusting often requires investigative work that can be done only on location. Some adjusting can be done in the office, but insurance adjusters frequently work outside the office in order to properly assess damages.
Qualifications/Training
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According to the Occupational Outlook Handbook, a college degree is not a requirement of insurance adjusting, although most companies prefer to hire professionals with some insurance or investigative experience.
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References
- Photo Credit Image by Flickr.com, courtesy of Bernadette Morris Image by Flickr.com, courtesy of woodley wonderworks
