As a former insurance agent I understand the need for a Public Adjuster. No one wants to be in the shoes of the Public Adjuster. It is quite easy to become one. You are called in to see why your client has not received the payment they claimed, or why there is something missing from their insurance policy. You have no formal education in this field, and you feel you are in a unique position.
To understand all the roles of a public adjuster, lets break down the terminology. Public as they usually represent the public on their behalf, and not represent only insurance companies. They also are licensed by the state to do the job, but not always. There are many public adjusters, and not all of them are trained in the same manner.
A licensed insurance company adjuster is required to learn about policy documentation and underwriting. They also must become proficient at collecting premiums, which is an art that they are well trained to perform. The process of collecting premiums has changed over the years, and most public adjusters are very knowledgeable about it. In order to collect premiums insurance companies change many rules, and many public adjusters learn these changes and adapt accordingly.
Some public adjusters choose to become a Special Agent in Insurance. This means they will work exclusively for an insurance company. Many states allow them to represent more than one insurance company. They do have more duties then just collecting premiums though.
To become a Special Agent in Insurance a public adjuster needs to become a Certified Public Accountant (CPA). Most states require this certification before issuing a license to a public adjuster. By attending education classes they can learn the ins and outs of insurance claims. They will have to write a report that analyzes the claim and states why it was rejected. These reports are used by the adjuster to make decisions on whether to pay the claim or to reject it. If the report is accepted the insurance company pays the adjuster the amount agreed upon in the settlement.
After becoming a CPA the adjuster needs to complete an apprenticeship in a related field. They will be able to go into the field of public insurance company work after their apprenticeship is finished. When they finish their apprenticeship they will be able to apply to become an independent consultant. This is usually done by working for a couple of insurance company clients.
Becoming an independent consultant requires that the public adjuster obtain continuing education credits. These credits will cover everything from health insurance regulations to insurance filing guidelines. After the credits are obtained the public adjuster must sit and take a test to become licensed in insurance. They then must complete a one year apprenticeship in insurance. After the apprenticeship is completed they must pass the state insurance exam.
Insurance licensing is not an easy thing to do. It takes a lot of hard work, dedication, training, and learning. As an independent consultant a public adjuster must know the rules and regulations within his or her state. He or she should know which questions to ask insurance companies when filing a claim. Public insurance adjusters must always be prepared to answer any questions that are asked of them. The state is certain that the public adjuster has all the skills that are required for this job.
Many people don’t realize that some public adjusters are actually attorneys. This is because all of the laws change from state to state. So the adjuster must keep up with the latest laws. In order to retain his or her license to practice law the adjuster must take and pass many board exams. A person who becomes an attorney is required to take a one-year post-board exam before practicing law.
If you are a business owner and are considering hiring a public adjuster to file claims on your business behalf, you should first ask yourself what is best for you. You may think it is cheaper to hire an attorney because you have already had to deal with the claims process so many times. However, if you hire a public adjuster you will probably save money, especially if you have a lot of claims to file. Some people might tell you to hire an attorney because that is what they have been doing all their life. However, the truth is that most lawyers are just second-class adjusters.
It is important to understand that you can hire public adjuster if you need help with your insurance company. The public adjuster will collect all of your insurance claims for you and then write the report and hand it over to you or your attorney for review. You will still have to pay for it if you go this route, but it will be a lot easier then having to hire an attorney. You might also be wondering why you would need a public adjuster. Well, if you don’t want to deal with the claims process and you don’t want to go through the paper work, then you might want to consider this option.