Individuals and even business entities avail of insurance coverage in order to protect their assets. This is one way to ensure that there would be no permanent monetary loss. When a loss occurs, a claim has to be submitted by the policy holder. In this official document it is indicated whether the customer seeks replacement, compensation or payment for their loss. Professionals who work in the insurance industry would, then, have to determine how much would be the appropriate amount to be given in response to the claim. Insurance adjusters, examiners, investigators and appraisers are mostly hired by property and casualty insurance corporations. They take on claims alleging bodily injury, liability and property damage.
The main responsibility of these individuals is to ascertain if whether a claim is official or not. They are also able to negotiate for the settlement amount and also to authorize payments to the policyholders. Handling these cases is very sensitive because they must ensure that rights of the claimants are not violated under Federal and State laws concerning privacy. It is their objective to determine whether a loss is actually covered by the customer’s respective policy, in addition to the fair amount that must be compensated to them. Many functions and tasks of appraisers, adjusters, investigators and examiners overlap from time to time. However, there are specific roles that each of them perform for the insurance industry.
Adjusters are generally assigned to create a schedule or arrangement of the work to be entailed for the processing of a claim. For example, they might have to conduct an ocular inspection after a customer’s home is ruined from a storm. The process of investigating claims includes interviews with witnesses and the claimants themselves. In majority of cases, adjusters would have to check hospital and police records on top of physically inspecting property damages. All these procedures are essential in calculating for the settlement sum. It’s a common occurrence to ask expert opinion as well. Adjusters often consult other professionals like lawyers, doctors, architects, engineers, accountants and the like.
Other tools that help adjusters in the completion of their duties are: photos, video or audio recordings, and written statements become part of the final report that they have to submit to the insurance company. This document will include their professional assessment and recommendations for that particular claim. Upon approval, an adjuster’s next immediate task would be to negotiate with the claimant for the settlement using a fair amount. On the other hand, if a claim is contested by the insurance provider, the adjuster still has other tasks to do. He or she will have to work with the company’s preferred lawyers and witnesses to safeguard the insurer’s position regarding the matter. Large insurance providers usually have their own claims department where the payout is quickly estimated so that checks could be issued quickly. For cases that are handled by independent adjusters, physical inspection is often required in order to establish proper compensation. This is true for claims involving the loss of a home or business office, and damages due to natural causes or fire.