An adjuster can be assigned to a small group of cases that he or she thinks may be a problem. The adjuster works with the insurance company’s financial operations staff to find a solution. Often, a policy’s clause will require that the policyholder pay the claim. This might be due to uncertainty, for example, as to the facts of the claim. The policy’s clause is in place to resolve disputes and to prevent policyholders from being under-insured. An adjuster will determine whether a policyholder has been provided with sufficient advice regarding this.
An adjuster can also be called upon to resolve a claim if it appears to be a dispute between the insurance company and the policyholder. An insurance companys staff will check the details of the claim. An adjuster will check the quality of the fire claims made by the policyholder.
There are 3 types of adjusters:
- Basic adjuster (or manager) – these folks operate as if they were a self employed business person. They handle claims that they themselves filed. The basic adjuster may also work for the policyholder and works under the guidance of an insurance company’s manager.
- Expert – these folks are specialists that are used to working in an office environment. This type of adjuster works with a manager and will only handle claims that involve personal property.
- Independent or an Independent works for the policyholder: this type of adjuster is similar to the one above, but works for the policyholder. The independent, sometimes works under the guidance of a manager.
There are 3 types of policies:
Basic Property Policy – this type of policy covers both the replacement cost of Personal Property and the actual cash value of the Property that was destroyed. Personal Property can include furniture, clothing, electronics, and other household items. This type of policy covers about half of the property lost during a fire. The basic policy might be titled personal property policy, loss of use policy, or other types of property coverage.
Premiums can be paid monthly, quarterly, or annual. If you are a policyholder, the insurance company will send you a bill at the beginning of the term. At the beginning of the term, the policyholder has to pay the insurance company their first installment. The insurance company will send a check to the policyholder’s bank account to pay the balance of the first installment. If the policyholder cannot pay the insurance company’s first installment, the insurance company can take the policyholder to court. The insurance company might send the policyholder to jail if the check is not cashed on time. It will still be their fault if the check is not cashed on time and there are unpaid installments.
The company’s process, especially, should be identical every time. The company should not send the adjuster away to do the same thing twice. If the company can’t do this, the company’s insurance process should be a concern to public insurance adjusters.
The adjuster should also check for policy exclusions and their frequency and severity. The insurance company’s adjuster should be able to point out how much money will be made from each of the policy exclusions.
In many cases, the basic policy will include replacement cost coverage. The insurance company will give you a cost estimate to replace the Property that was destroyed. The cost varies from region to region, so the insurance company can require the policyholder to buy a replacement cost policy.