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A loss adjuster investigates insurance claims to determine coverage and recommend payment. They work for insurance companies and may travel to claim sites. Customers can hire a public loss adjuster to negotiate higher settlements. Loss adjusters may receive bonuses for identifying fraud and can work independently after gaining experience.
A loss adjuster is someone who investigates insurance claims with the aim of determining whether or not they are covered by a policy and recommending a payment to settle the claim. Loss adjusters are insurance professionals who may be required to travel to work on a regular basis, as they often have to travel to a claim site to gather information. Pay rates may vary depending on a loss adjuster’s record with the company and level of experience.
Generally, a loss adjuster works on behalf of an insurance company, either as an employee or as a contracted third party for the company. Loss adjusters will also help clients with claims preparation, but their allegiance is to the insurance company and they will work to minimize the required payout. In some cases, the loss adjuster’s work results in a solution that is satisfactory to all parties, and the claim can simply be resolved. In other cases, the customer may object and the claim may become more complicated.
Customers can hire a public loss adjuster. Public loss adjusters work on behalf of policyholders, not insurers. They can sometimes negotiate higher settlements and, like their colleagues who work for insurance companies, help clients properly complete claim documentation. Filling out the paperwork properly will cut down on wasted time and disputes.
During the investigation of a claim, a loss adjuster may visit a website, inspect related materials, and conduct interviews. Professionals can be consulted for more information, such as when a loss assessor wants to know more about the cause of a house fire. The loss adjuster collects all of this material into a report that is filed with the insurance company. In the report, the valuer provides an opinion on whether or not the insurance company is obligated to provide coverage and what the recommended payment should be, given the terms of the policy and the details of the loss.
Insurance companies may offer bonuses for loss adjusters who identify fraud and other issues that may limit the insurance company’s liability. Loss adjusters with a strong track record are also more likely to receive promotions and salary increases throughout their careers. After extensive experience with a particular company, a loss adjuster may choose to work independently. Independent loss adjusters can work for multiple companies and have much more flexibility in working.
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