Business, Legal & Accounting Glossary
An individual whose job it is to assess losses and settle policyholder claims.
One who adjusts, especially for the insurance industry’s employment title “loss adjuster” (or “claims adjuster” in the United States).
n. an employee (usually a non-lawyer) of an insurance company or an adjustment firm employed by an insurance company to negotiate an early settlement of a claim for damages against a person, a business or public body (like a city). While a fair and responsible adjuster can serve a real purpose in getting information and evaluating the case for the insurance company, some adjusters try to make a settlement before the injured person has retained an attorney (“don’t worry, we’ll pay your bills. You don’t need an attorney. He’ll only confuse things.”), get a statement from the injured without counsel, or delay the payout with the promise he/she will negotiate any reasonable demand, and then making an offer of payment that is absurdly low. Some insurance companies try to make the attorney deal with the adjuster, which is cheaper than sending the case to defence attorneys. Adjusters also represent the company in approving settlements.
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.
If you are going to file a claim for property damage after a major storm, you need to wait to make repairs until after the adjuster has inspected the property.
In some insurance companies, the adjuster has the ability to make decisions about whether or not to increase the payment on a claim.
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This glossary post was last updated: 8th October, 2021 | 2 Views.