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Claim adjuster is an individual or legal entity, an independent specialist, or organization for the settlement of claims of the policyholder for compensation for losses in connection with an insured event. The function of the claim adjuster is to investigate all the circumstances of the declared event to establish the fact of the occurrence of the insured event, its compliance with the terms of the insurance contract, determine the amount of insurance compensation payable, draw up an expert opinion for the insurer, participate in settlement of losses with a representative of the opposite party, that is, the insured or insurer.
The education requirements can vary depending on the particular field of the claim adjuster. It is stated the most preferred education level is a bachelor’s degree in the field, which is related to the claim adjuster’s area of expertise (Kaplan Financial Education, 2019). For health insurance claim adjuster, the medical field might be relevant, whereas, for the specialists in housing, construction, and architecture might be necessary. The overall work experience requirements revolve around two years in the field of interest, but the given position does not mandate to have a great deal of work experience.
Claim adjusters can engage in independent practice, work for hire in a specialized adjusting company, or be a member of insurance, brokerage, or large commercial company as an employee of the risk management department. There is, at first glance, an imperceptible, but significant difference in the definitions of an independent and public adjuster. Independent adjuster does not represent the interests of the insurer, but only performs the task on his behalf. A public adjuster represents interests and works on behalf of the policyholder in the execution of the order.
References
Kaplan Financial Education. (2019). How to become an insurance claims adjuster. Web.
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