Insurance Adjusters Key Terms

Learn insurance adjuster terms for a better understanding of the business

Insurance adjusters have the job of finding a balance between an insurance company and an insurance policyholder's claims. These professionals need to assess the damage of storms, fires and other catastrophes to determine insurance claim settlements, which will pay for the damage covered by the policy. The terms regarding insurance adjusters can be tricky and should be understood in advance.

 

Catastrophe adjuster

A catastrophe adjuster is a professional who is licensed to handle large-scale disaster events. These professionals arrive on the scene soon after the event to assess the damage.
Try: Insurance Schools provides more details on what a catastrophe adjuster does.

Public adjuster

A public adjuster is a professional who works on behalf of the policyholder to assess damage. These professionals help with flood, theft, smoke damage, fire and other types of claims.
Try: The National Association of Public Insurance Adjusters provides a thorough look at what public adjusters do and what can be expected of them.

Insurance claim settlements

An insurance claim settlement refers to the money awarded to an insurance policyholder once damage has been assessed and the claim has been settled.
Try: CarInsurance fully outlines insurance claim settlements and details how to negotiate them.

Non-resident adjusters licensing

Each state has its own requirements for insurance adjusters. Some states do not require insurance adjusters to be licensed. Insurance adjusters who are not licensed in their resident state need to determine the requirements for providing services outside of their state. States with licensing requirements also define non-resident adjuster licensing requirements.
Try: The State of Utah's Insurance Department outlines its rules for non-resident adjuster licensing.

National Association of Independent Insurance Adjusters

The National Association of Independent Insurance Adjusters is a professional organization of insurance adjusters. Independent insurance adjusters who wish to join this group will need to meet strict membership criteria.
Try: The National Association of Independent Insurance Adjusters offers more information and membership requirements on its website.

Insurance adjuster license

Many states require insurance adjusters to have an insurance adjuster license. If that's the case, the license requires the individual to have specific training and to sit for a state-provided licensing exam. Continuing education may also be required.
Try: Inside Insurance provides an overview of the insurance adjuster license.

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