Adjuster

A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

The basis of a claim for damages under the terms of an insurance policy.

An alternative to going to court where a neutral third-party is used to settle a dispute between an insurer and a policyholder, typically regarding claim settlements or coverage interpretations.

The person or business that makes a claim to the insured person or their insurance company, seeking compensation for damages or losses.

The legal right of an insurance company to pursue a third party that caused an insurance loss to the insured, allowing the insurer to recover the amount of the claim paid to the insured. This right is transferred from the insured to the insurer upon payment of the claim.

Property that remains after an insurance claim has been paid, which the insurance company may take ownership of to offset the claim payment. Common in total loss situations where damaged property still has residual value.