Adjuster Pro 2 Questions And Answers
Implied Authority the authority that the public reasonably believes the agent to have,
based on the agent's representations:
portraying oneself as a representative, wearing a name tag with a company logo, handing out
company business cards
Apparent Author...
Implied Authority the authority that the public reasonably believes the agent to have,
based on the agent's representations:
portraying oneself as a representative, wearing a name tag with a company logo, handing out
company business cards
Apparent Authority indirect authority that is granted when the insurer does NOT correct
its agent, even though the agent may be acting in error
What is an Independent Insurance Sales Agent? a self employed agent that is able to
represent and offer insurance products from more than one company at a time.
-able to compare and give rate quotes from diff companies
- able to find a policy that bear fits the customer
Exclusive (Captive) Agent paid on commission basis, represents one insurer at a time
General Agent works for one company and supervises/trains the exclusive agents
Direct Writer same as exclusive agent but works for salary
, Adjuster Pro 2 Questions And Answers
day-to-day activities of a sale's agent sell insurance policies, service policyholders'
contracts, collect premiums, represent the insurer
Claim Function the process of handling claims for coverage under an insurance policy
-primary role of an adjuster
Two main goals in the Claims Function - comply with the terms of the contract
- support the insurer's financial stability
What is Adjusting? the process of comparing a claimant's losses to the promises made in
an insurance policy
What is an Insurance Adjuster? an agent who processes insurance claims for a salary, fee,
or commission
Who can an Adjuster work for? an insurer, a private company, an adjusting company, or
the claimant (insured)
, Adjuster Pro 2 Questions And Answers
Staff (Company) Adjuster employed by one insurer, salaried, can work locally, regionally,
nationally
ex. State farm
Independent Adjuster -can be called a fee adjuster or bureau adjuster
- not contracted by any one insurer
- self employed
- processes claims for multiple insurers at the same time
- paid by fee schedule, daily rate, or time + expense
- sometimes paid on a commission basis
Public Adjuster - hired by claimant
- charges on commission (usually 10% of settlement)
- hired when the insured knows the insurer will be making a payment for the claim
- helps determine the proper identification and valuation of a loss
- specializes in appraising and negotiating claims
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.49. You're not tied to anything after your purchase.
