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Unit 3 Nature of the Industry
Terms
claim
loss adjuster
arbitration
mediator
Section 10.3
Insurance Claims
Objectives
After completing this section, you will be able to:
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Nature of Insurance Claims
When a policyholder experiences a loss, he or she must file a claim
with the insurance carrier. A claim is the process of documenting the
loss against the policy. This typically involves either contacting the
agent who sold the policy, going online to the insurer’s website, or
calling the insurance carrier directly. Depending on the complexity of
the claim, it can be settled in a few weeks or it may take several years.
Most insurance claims are straightforward and quickly settled.
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loss adjusters for assistance. A loss adjuster is a specialist who visits
with the policyholder to determine the cause of a loss and its extent,
whether the policy covers the loss, and whether the amount claimed
A loss adjuster works
toward settling a claim
with a policyholder.
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