Fake Claims

and finance Allah shmoop What is a claims adjuster Oh

Ah okay A different type of claim being adjusted Chiropractors

make a living by adjusting backs Claim adjusters Make a

living by adjusting insurance policy claims It'd be nice if

insurance just kicked in when you needed it But real

life doesn't work that way When you find yourself in

a bind that you think your insurance should cover well

you have to submit an insurance claim But when you

submitted claim try to get your hands on that insurance

money Well a claims adjuster looks it over with many

times and on You know it's not going to cover

that well The claim's adjuster does some investigating to make

sure the damage done is really wasn't fraudulent and that

it's actually covered by the insurance policy Well this process

might include some boring paperwork but could also included usually

does include in person inspections and publish pictures being taken

in video and interviews with witnesses police and property owners

and whole bunch of inspections All that kind of stuff

Well after the claim adjuster has done investigating the claims

she decides whether you get your insurance payout You know

the day you've been waiting for after paying all those

premiums for months and months and years and years She

also determines how much payment you get If anything right

she's gonna adjust your claim So just who is this

claims adjuster Really Well if a claims adjuster arrives unannounced

on the scene and starts inspecting she no doubt works

for the insurance company Naturally insurance companies like all companies

are incentivized to maximize profits for themselves Full one way

would be to minimize insurance payouts Whether that means making

sure claims a riel or just trying to hey the

bare bones payout based on the insurance policy Well it

doesn't really make a difference either way A claims adjuster

has the insurance company's interests at heart to make sure

you get your fair D .'Oh well it's smart to

employ your own claims adjuster And yes they exist in

the private market In fact if you're a homeowner in

your house was set on fire let's say unintentionally But

there's good chance you'LL have some independent claims adjusters knocking

at your door if there still is a door an

independent adjustable work on your behalf trying to maximize your

based on your insurance policy for big insurance payouts independent

claims adjusters are worth it to make sure you're not

losing out on a lot of insurance cash that you

would very much like tohave because of whatever horrible accidents

Last tragedy has befallen you since there are two parties

the insurance company and the claimant that's you And since

reality is well messy and insurance policies feature the finest

of fine print claims adjusters often find themselves in the

middle of legal payout Warfare For instance say there's a

claim from a homeowner who left the water in his

upstairs bathtub running for a week He claims it was

his cat's fault Well that's tough to prove The contractors

take a look at the damage and estimate it'LL cost

thirty four thousand dollars to fix everything Well the homeowner

had a ten thousand dollars deductible on his flood insurance

policy which means he's gotta pay ten grand of his

own cash toward the flood damage before the insurance company

will give him any money for ten grand of the

homeowners money and then twenty four grand of the insurance

company's money our homeowner would have a clean dry new

ceiling In theory the problem while the claims adjuster thinks

that contractor is quoting a vastly high fixed number is

the contractor His B F F the claims adjuster wonders

Well either way if you read the homeowners flood insurance

policies fine print on the identity of the conical of

the super piece on page four hundred seventy three you

would have found that this insurance policy only allows for

a Prius level fixed So even if it'LL cost thirty

four grand to repair everything the insurance company isn't necessarily

liable to repair everything It depends on all that fine

print in the actual insurance policy If you break your

thumb and your health insurance only covers broken fingers while

that thumbs costs they're all on you So thirty four

thousand dollar claim for the flood on the house needs

to be adjusted from a thirty four thousand dollar contractor

fix which included a Rolex too now coming from Joe

Bob Billy's contractor Shop and Repot Depot for a total

price tag in claim of sixteen thousand dollars Yep and

insurance policy claim includes the deductible So the adjusted claim

of sixteen thousand dollars means the insurance companies now upping

the latter six thousand dollars while the homeowner is still

paying the initial ten thousand dollars deductible After this claim

has been adjusted from thirty four grand to sixteen grand

The claims adjuster gets a pat on the back from

the insurance company for having saved them eighteen thousand dollars

Well the claims adjustment brings their tab from twenty four

grand to six grand in insurance payout money The homeowner

could have had his own independent insurance claim adjuster working

on his behalf to get more of that insurance money

payout Instead the homeowner more less foots most of the

bill himself For better or worse Yeah yet another small

victory for Todd's cat whiskers there Yeah we're on to 00:04:36.3 --> [endTime] you No