
Before you can become an adjuster, you need to take the Certified Insurance Adjuster exam and become certified by the National Association of Insurance Commissioners (NAIC). But does that mean you need to be an insurance adjuster course in order to do this? Do you have to be licensed in all 50 states? How long does it take to pass the test? These are all valid questions, and we’ll answer them in detail here. In the meantime, here’s some useful information about insurance adjuster training…
Who Can Be an Adjuster?
Insurance adjusters are the people who, after a property has been damaged, come in and evaluate the damage and decide what needs to be done. These people must have insurance adjuster licensing requirements because they are tasked with evaluating damages and deciding whether or not repairs are needed. If you’re thinking of becoming an insurance adjuster you’ll need to take a few steps before applying for licensure.
Pass the National Association of Insurance Commissioners (NAIC) licensing exam: The first step is to pass the NAIC licensing exam through your state’s insurance department. This exam requires that you learn everything there is about how insurance works.
What Does an Adjuster Do?
An adjuster helps insurance companies decide how much money they will pay out to policyholders. There are different types of insurance adjusters, who do slightly different things: property adjusters evaluate the cost of repairing or rebuilding damaged property; liability adjusters look at medical costs, lost wages and other expenses; and auto claims adjusters handle car accidents.
Insurance agents work for insurance companies, while an independent agent is someone who works on their own, with no company affiliation. An insurance agency handles the sales and marketing aspects of the business. If you want to become a licensed broker in your state, you’ll need two years of experience as a licensed agent or three years as a licensed agent for another company.
What are the Requirements to Become an Adjuster?
In order to become a licensed insurance adjuster, you must first meet the following requirements:
- Be at least 18 years old.
- Be of good moral character.
- Have completed one year of experience in any branch of insurance adjustment work.
This work can include, but is not limited to, claims handling, investigating and evaluating claims, or working as a loss control specialist. Some states require two years of experience instead of one year before licensure will be granted.
What are the Different Types of Adjusters?
Adjusters are licensed by the state in which they work. To become a certified adjuster, you must attend a training course and pass the exam. There are two types of adjusters: insurance and public. Insurance adjusters work for an insurance company and their job is to assess the damages that occurred during a disaster such as a fire, flood, or hurricane. Public adjusters represent the policy holder’s interests without being affiliated with any one insurance company. The main difference between these two types of adjusters is that insurance adjusters represent the party who is at fault while public adjusters represent the victim of the accident or disaster.
If you would like to have your own business as an independent agent, you will need additional education beyond what a public or insurance adjuster requires.
How Much Does an Adjuster Make?
Adjusters who work in the insurance adjuster licensing requirements industry typically make anywhere from $40,000-$60,000 per year, but it can vary greatly depending on the type of adjuster. Residential adjusters, for example, will make less than those who work in commercial lines because they only deal with a smaller range of cases. The amount of experience you have also factors into your salary. If you’re just starting out as an insurance adjuster, you’ll likely earn between $30-40K per year. On the other hand, if you’ve been working as one for 20 years or more, that annual income can climb up towards $100K+.