| Insurance is a form of risk management, where | | | | employed by insurance company; policy adjusters are |
| unforeseen losses are covered in exchange for a | | | | the ones who are employed by the policyholder. |
| premium. Insurer is the company which sells the | | | | The claims adjuster studies the situation and |
| insurance and the policy holder is the one who buys | | | | determines if the claim made is reasonable or not, |
| it. In the event of an unforeseen incident happening, | | | | this is done so that there is no fraud involved. All the |
| the policy holders can make insurance claims. There | | | | claims made may not be paid by the company. This |
| are numerous formalities to be done before the claim | | | | happens if the premium is not paid in full, or another |
| settlement is made and the claims adjuster is the one | | | | person is held liable and has agreed to pay for the |
| who does it. The process through which it is done is | | | | damages. Usually the insurance companies take the |
| called claims adjusting. | | | | word of the claims adjuster as final. The process is |
| Today insurance is a highly developed field with | | | | completed by a fair claim settlement made between |
| various types of coverage and claim settlement | | | | both parties. Adjusters are thus hired by insurance |
| processes. Individuals who take policies must pay | | | | companies and financial institutions to study the |
| regular premiums to the insurance companies. The | | | | extent of loss. They act as a go-between for proper |
| premium to be paid depends on the value of the | | | | claim settlements. |
| asset covered. Once a calamity occurs, then the | | | | There are different types of insurances based on the |
| claimant has the right to receive money from the | | | | assets that are insured - like household insurance, |
| insurance company. | | | | motor insurance (for theft or accident), commercial |
| When insurance claims are submitted, claims adjusting | | | | insurance or personal insurance. Once damage is |
| comes into play - the claims adjuster interviews the | | | | incurred the policy holder has to contact the |
| claimant, studies the hospital and police records, | | | | insurance company immediately, they also have to |
| questions the witnesses and also visits the site of | | | | inform the police and also take steps that further |
| damage in order to assess the extent of the | | | | damage does not happen. Once the claims adjuster |
| insurance company's liability. There are several types | | | | visits the claimant, he has to assist him so that a fair |
| of claims adjusters - the staff adjuster is the one | | | | claim settlement can be made that will reduce the |
| who is employed by the insurance company; the | | | | financial burden. |
| independent adjusters are independent and not | | | | |