- An insurance professional who determines the full extent of a company's liability when an insurance claim is made. Also known as a "Loss adjuster" or an "insurance adjuster", a claims adjuster determines liability by going through police and hospital records, verifying the scope of property damages, and meeting with the claimant and all applicable witnesses.
company adjuster, claims agent, claim settler, insurance adjuster, insurance investigator
Related Terms and Acronyms
- Fake Claim — Definition,
- An insurance claim made fraudulently.
- Insurance Claim — Definition,
- An application for benefits made by an insurance policyholder after an insured event.
- Insurance Proceeds — Definition,
- The benefits received by an individual after a claim has been verified.
- Loss Adjustment Expenses (LAE) — Acronym,
- Expenses incurred by loss adjusters when they investigate and settle claims.
- Loss Control — Definition,
- The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
- Loss Ratio — Definition,
- A method of comparing an insurer's losses to premiums earned in a specific period of time.
- Loss Reserve — Definition,
- A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
- Loss Settlement Amount — Definition,
- The percentage of damages an insurer is contractually obligated to pay for after a claim.
- Losses Incurred — Definition,
- The total net losses of an entity in a year.
- Third-party Administrator (TPA) — Acronym, Important,
- A claims administrator that is hired to process insurance claims and/or employee benefits for another party.
- Underinsurance — Definition,
- When the amount of insurance coverage on an asset is less than the asset's full value.
- Unfair Claims Practice — Definition,
- The act of an insurance company avoiding or reducing valid insurance claims.
- Value Reporting Form — Definition,
- A form used to keep track of a business's current inventory value.