PDF Archive

Easily share your PDF documents with your contacts, on the Web and Social Networks.

Share a file Manage my documents Convert Recover PDF Search Help Contact



How Much Money Does a Insurance Claims Adjuster Make .pdf


Original filename: How Much Money Does a Insurance Claims Adjuster Make.pdf
Author: arubh

This PDF 1.5 document has been generated by Microsoft® Word 2010, and has been sent on pdf-archive.com on 22/05/2013 at 18:43, from IP address 122.162.x.x. The current document download page has been viewed 487 times.
File size: 179 KB (2 pages).
Privacy: public file




Download original PDF file









Document preview


Insurance Adjuster - How Much Money Does
a Claims Adjuster Make?
How much insurance claims adjusters can make per annum is the subject of
considerable interest and speculation to those interested in a career in claims. As
unstable weather continues into the fall, and the Atlantic hurricane season reaches
its stride, its important to correctly understand the financial landscape of the
adjuster industry.
Some folks have heard from their girlfriend's brother or an estranged uncle that
claims adjusting is a money tree. The money tree sits there blooming Benjamins,
apparently just waiting happily to be plucked by any newcomer with the inside
scoop. And as an added bonus, you really don't have to do work. The opposite
extreme is my own previous
misconception of the monetary
compensation for claims adjusters
which is that they made next to nothing
and it was essentially a dead end job.
This is as far from the truth as the
money tree concept but, I would hazard
to guess, a much more prevalent
misunderstanding.
So how much money does an
insurance adjuster really make?
According to the U.S. Department of Labor, claims adjusters earned an average of
$44,220 in 2004. The top ten percent earned more than $72,620. The bottom ten
percent earned less than $27,220. This seems like a fairly significant disparity.
What type of adjuster is at the bottom and what type at the top?
The answer to this question depends largely upon the type of claims adjuster you
are referring to. In general, there are two types of adjusters: staff adjusters who are
salaried employees of an insurance carrier, and independent adjusters who are
independent contractors working for adjusting firms. This initial difference will
make as much of a difference in pay structure as the type of claims actually
handled - from worker's compensation to multi-million dollar commercial
properties.

Staff adjusters are typically going to be earning less than independent adjusters and
in some cases dramatically less. $25,000-$60,000 is a reasonable salary range for a
career staff claim adjuster.

An independent adjuster in a good year, however, especially if he or she works
catastrophe claims, can make well in excess of $100,000.
Staff adjusters can make a good stable living. For independent adjusters, the
opportunity can be a little more interesting and, I think, exciting. Independent
adjusters working catastrophe claims make essentially a percentage of the amount
of each claim they settle. This system of payment is known as a fee schedule and is
formulated differently for each insurance carrier represented and storm situation
confronted. For example, an independent adjuster handling hurricane claims may
receive a fee schedule that pays $500 for
claims between $3,000 to $5,000, $650 for
claims between $5,000 and $7,500, and
$750 for claims between $7,500 and
$10,000. An adjuster will receive between
60-70% with the other 30-40% going to the
adjusting firm they work for. Hurricane
adjusters can easily average $10,000
settlement per claim and thus average
between $400 and $500 dollars in their
pocket per claim. A good adjuster should
be closing 2 to 4 claims per day with superb adjuster closing 4 to 7.
Making over $1,000 a day as an independent adjuster working catastrophe claims
is common and very attainable. In this way, a good independent adjuster can
surpass six figures income in less than six months.
So, is this the money tree after all? Well, not so fast. Remember that catastrophes,
especially catastrophes sufficient to employ significant numbers of adjusters, are
relatively few and far between. During "dry" spells for independent adjusters, work
can be scarce and competition fierce for the claims that do come along. That said,
there is a tremendous and exciting opportunity for very real, very lucrative money
when disaster does strike.
Whether its operating on staff or as independent contractor, claims adjusting offers
potential for solid and, in some cases, spectacular income.


How Much Money Does a Insurance Claims Adjuster Make.pdf - page 1/2
How Much Money Does a Insurance Claims Adjuster Make.pdf - page 2/2

Related documents


how much money does a insurance claims adjuster make
acquire better results for your1237
obtain better rewards for your1479
3 reasons for engaging with1372
exactly what is a public1221
eliminate the constant worry surrounding1439


Related keywords