A person who investigates and settles losses for an insurance carrier.
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1. Employed representative of the insurance company who is responsible for handling insurance claims as they are received from patients and medical practices and who determines the dollar amount of a claim or debt. 2. In industrial cases, a representative of the insurer who investigates, evaluates, and negotiates the patient’s insurance claim and acts for the company in the settlement of claims. Adjusters may be employees of the insurance company or an individual operating independently and hired by a company to adjust a particular loss. Also called claims administrator, claims examiner, claims processor, claim representative, or health insurance adjuster.
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A person who may act either on behalf of the insurance company or the insured in the settling of a claim. Employee adjusters work for an insurer, while independent adjusters represent the insurance company on a fee basis and public adjusters represent the insured on a fee basis.
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Individual at the workers’ compensation insurance carrier overseeing an industrial case, authorizing diagnostic testing and medical treatment, and communicating with the provider of medical care.
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One who settles insurance claims. This typically involves investigation of the loss and a determination of the extent of coverage. In the context of first-party (e.g., property) insurance, the adjuster negotiates a settlement with the insured. In liability insurance, the adjuster coordinates the insured’s defense and participates in settlement negotiations. Adjusters may be employees of the insurer (staff adjusters) or of independent adjusting bureaus (independent adjusters) that represent insurers and self-insureds on a contract basis. Public adjusters are consultants who specialize in assisting insureds in presenting claims to insurance companies in a manner that will maximize their recovery.
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Person responsible for the evaluation and settlement of an insured claim. An adjuster may be an employee of an Insurer, or an individual operating independently and engaged by an Insurer or insured to adjust a particular loss or claim. Insurance Company adjuster -Adjuster who is a full time employee of an Insurer, adjusting only losses and claims covered by that Insurer. Public adjuster -Independent adjuster hired by any Insurer or insured to represent that client’s interest in the adjustment of a specific, often complex insured loss or claim.Adjuster Average : An adjuster who specializes in adjusting marine losses.
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See LOSS ADJUSTER.
A state-issued permit under whose provisions the agent conducts business.
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A certificate of authority from the state that permits the agent to conduct business.
A formal document changing the provisions of an insurance policy signed jointly by the insurance company officer and the policy holder or his authorized representative.
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A formal document changing the provisions of an insurance policy signed jointly by the Authorized Signatory of the Insurance Company and Policyholder or his authorized representative.
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US, MEDICAL: 1. Additional entry inserted into a patient’s existing chart or progress note to correct data or to add more information. 2. Legal document or a clause added to a contract in which the terms of the contract are increased, limited, or decreased. Also called endorsement or rider.
(1) To reinsure all or part of another insurer’s risk. (2) A risk management technique involving the retention of risk (e.g., self-insurance).
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To take over a risk the converse of cede.
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To accept from another insurer all or part of the risk of an insured loss.
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REINSURANCE: To accept an obligation to indemnify all or part of a ceding company’s insurance or reinsurance on a risk or exposure subject to the contract terms and conditions.
One of several types of “shared market” mechanisms where persons who are unable to obtain such insurance in the voluntary market are assigned to a particular company, usually at a higher rate than the voluntary market. Formerly called “Assigned Risk.”
Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.
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Provides excess limits for bodily injury (BI) and property damage (PD) liability for persons unable to secure more than minimum limits under their basic liability policy. This type of coverage stipulates that the primary policy must always be kept in force and is typically purchased by assigned risk plan policyholders.
Protection for the insured against financial loss because of legal liability for car-related injuries to others or damage to their property.
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A form of liability insurance that is specifically designed meet requirements of Motor Vehicles Act in India to indemnify for loss incurred through legal liability for death and/or bodily injury and damage to property of others caused by accident arising out of ownership or operation of an automobile.
Coverage to pay for damage to or loss of an insured automobile resulting from collision, fire, theft, or other perils.
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Automobile insurance coverage that insures against damage to the insured’s own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft.
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US: Automobile insurance coverage that insures against damage to the insured’s own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft.