Learn the Policy
Know What Is Owed
The policy is the contractual agreement between the insurance company and the property owner. As an adjuster, it is necessary to thoroughly understand the policy and its coverage in order to accurately assess and reimburse for damages.
A Happy Customer = A Working Adjuster
Becoming proficient in interpreting the policy ensures making informed coverage decisions, which in turn leads to long-term assignment stability. Most importantly, a knowledgeable adjuster ensures that the property owner has a positive and transparent claims experience.
Product Description
In this course, you will gain comprehensive knowledge in the following areas:
- Loss Type - You will gain the ability to analyze the policy language and understand how different causes of loss, such as fire, theft, or natural disasters, are covered. This knowledge will allow you to accurately assess and handle claims related to specific causes of loss.
- Covered Property - You will delve into the policy provisions to determine the coverage types for different types of property, such as buildings, personal belongings, or specific assets. By interpreting the policy, you will be able to assess the extent of coverage for each property category and identify any limitations or exclusions that apply.
- Compare Carriers - You will learn to compare and analyze their terms, conditions, and coverage provisions. This knowledge will enable you to make informed decisions or recommendations based on the specific requirements and preferences of the policyholder.
- Ethics - You will gain an understanding of the ethical considerations involved in interpreting policies and handling claims. This will include maintaining transparency, confidentiality, and integrity throughout the process. Additionally, you will learn to adhere to specific timelines established within the policy for reporting claims, providing documentation, and resolving disputes.
- Riders - You will learn to analyze the language and terms of these additional provisions or modifications to understand their impact on the overall policy. This knowledge will help you accurately assess the effect of endorsements and exclusions on coverage.
- Settlement - You will develop effective communication skills to explain policy terms, coverage details, and settlement options to policyholders. By providing clear and concise information, you will ensure that policyholders fully comprehend their rights, obligations, and the claims settlement process. This will contribute to a positive and transparent claims experience.
- Coverage Determination - You will learn to analyze the policy provisions, exclusions, and endorsements, and compare them to the details of the claim. Based on this analysis, you will be able to make informed decisions on whether to grant or deny coverage.
Throughout the course, you will gain a deep understanding of policy interpretation and its practical application. You will develop the skills necessary to navigate complex policy language, make accurate coverage determinations, and ensure fair and transparent claims settlement processes.
