Top 10 important words and phrases for Insurance Adjuster

Top 10 important words and phrases for Insurance Adjuster Introduction: The Importance of Vocabulary in Insurance Adjusting Hello, students! Today, we're diving into the world of insurance adjusting, a field where precise communication is key. As an insurance adjuster, you'll encounter various terms and phrases daily. Understanding and using them correctly is vital for your success. Let's get started! 1. Policyholder The policyholder is the individual or entity who owns an insurance policy. They're the one who pays the premiums and is entitled to the policy's benefits. When assessing a claim, you'll often interact directly with the policyholder. 2. Deductible The deductible is the amount the policyholder must pay out of pocket before the insurance coverage kicks in. It's a cost-sharing mechanism that helps prevent small claims and keeps premiums affordable. Understanding the deductible is crucial when discussing claim settlements. 3. Subrogation Subrogation is the process where an insurance company, after paying a claim, seeks reimbursement from the responsible party. It's a way to recover costs and prevent the policyholder from benefiting twice for the same loss. Knowing when and how to initiate subrogation is an essential skill. 4. Actual Cash Value (ACV)