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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Claims Adjuster


Synonyms:claim settler, claims agent, company adjuster, insurance adjuster, insurance investigator
Filed Under: insurance
Tags: insurance
 

Definition of claims adjuster

claims adjuster
1. 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.

Related Terms and Acronyms:

  • insurance claim   An application for benefits made by an insurance policyholder after an insured event.
  • insurance proceeds   The benefits received by an individual after a claim has been verified.
  • loss adjustment expenses (LAE)   Expenses incurred by loss adjusters when they investigate and settle claims.
  • loss control   The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
  • loss reserve   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.
  • losses incurred   The total net losses of an entity in a year.
  • third-party administrator (TPA)   A claims administrator that is hired to process insurance claims and/or employee benefits for another party.
  • underinsurance   When the amount of insurance coverage on an asset is less than the asset's full value.
  • unfair claims practice   The act of an insurance company avoiding or reducing valid insurance claims.
  • value reporting form   A form used to keep track of a business's current inventory value.

More Related Terms and Acronyms

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