Insurance Word of The Week (4)
Posted by amandab6 on December 3, 2007
Our fourth insurance word of the week is: Adjuster
Definition
An individual employed by a property/casualty insurer to evaluate losses and settle policyholder claims. These adjusters differ from public adjusters, who negotiate with insurers on behalf of policyholders, and receive a portion of a claims settlement. Independent adjusters are independent contractors who adjust claims for different insurance companies.
Or….
A person appointed or employed to settle or arrange matters that are in dispute; one who determines the amount to be paid on a claim. An insurance adjuster determines the extent of the insurance company’s liability when a claim is submitted.
A public adjuster is a self-employed person who is hired by litigants to determine or settle the amount of a claim or debt.
