An insurance assessor works on the behalf of the claimant. A claimant approaches an insurance assessor to evaluate the accident or the mishap that has affected their insured property.
What does a insurance assessor do?
Insurance assessor starts with evaluating the property and checks it for the damage done to it. For example, if a house caught fire and had been damaged, the insurance assessor would go and evaluate the house, check its monetary value, evaluate the damages done, and decide if they are claimable.
What is the role of insurance assessor?
An insurance assessor works on the behalf of the claimant. A claimant approaches an insurance assessor to evaluate the accident or the mishap that has affected their insured property. The insurance assessor will see if the insurance company is covering the damage that the client has filled for.
Can you go to jail for lying to insurance?
In NSW, insurance fraud is usually dealt with under Section 192E of the Crimes Act 1900. There is a maximum penalty if convicted of a 10-year prison sentence. You may also be required to pay back the amount that was defrauded.
Below is How to Become An Insurance Assessor South Africa
Earn a high school diploma or GED equivalent.
Earn a college diploma. Although many companies will hire you without a degree, most employers prefer college graduates. A degree in business, finance, insurance or a related field may be beneficial, especially in specific claims situations.
For instance, medical training could be useful for medical and life insurance claims, while legal education would assist you in workers’ compensation or liability cases.
Investigate your state’s licensing requirements for insurance assessors. If your state does not require an adjuster’s license, consider obtaining a nonresident license from another state to give you credibility. Visit AdjusterPro.com to find your state’s requirements.
Take a pre-licensing course or complete an exam study program. These are provided online or in a classroom. Some states do not offer a course; in this case, you can purchase an exam study program from another state. As of 2010, Texas and Florida both offer a license to students who complete the course. In other states, your course must be followed up with an exam.
Apply for a professional license through your state’s Department of Insurance. For example, in Texas this application includes your identification information, a fingerprint card, a R755.65 application fee and proof you completed the pre-licensing course.
Complete continuing education courses to maintain your license and improve your knowledge. Regularly review court decisions, and new federal and state laws that may affect how you handle claims. New medical procedures and drugs, which are released frequently, may affect health and life insurance claims.
How do I become an insurance assessor in South Africa?
How to become an Insurance Claims Assessor
Find an entry level role as a Claims Assessor and learn as much as you can while in your role.
Consider undertaking additional study with a registered training organization or TAFE to formalize and strengthen your knowledge and skills.
How much does an insurance assessor cost in South Africa ?
Loss assessor fees are generally a percentage of the successful claim settlement payout your loss assessor has fought, negotiated and won for you. Typically, loss assessor’s fees are approx. 10%. Insurance companies will not cover claim preparation fees.
How do loss assessors get paid in South Africa ?
Loss assessors will charge in one of two ways. Some charge you a percentage of the claim value, typically between five and ten per cent of the final payout. Others do not charge you directly but earn a commission from the contractors they employ to carry out the required repair work.
Is it worth getting a loss assessor in South Africa ?
Ideally you should contact a loss assessor as soon as you intend to make a claim. As this article from the Guardian puts it; getting a loss assessor is the best insurance policy. Appointing a loss assessor early in the process increases the chance of a better settlement, and it also frees up your time.
How long does a insurance company have to settle a claim in South Africa ?
In general, state laws dictate that insurance companies must settle within roughly a month of accepting a claim. Many of these states add another 15 days on the front end, allowing insurance companies that amount of time to acknowledge the claim before the settlement clock starts ticking.
Why do insurance companies take so long to pay out in South Africa ?
Insurance companies take so long to to pay out a claim because they are sophisticated business entities that know you can make money off of interest. Some insurance companies don’t have enough people working for them. Others hope that by dragging the case out you will give up and go away.
How much do assessors earn in South Africa?
R301,911 (ZAR)/yr.
How do I become a loss adjuster in South Africa?
Be an Associate or Fellow of the Institute. Hold the Higher Certificate / National Certificate in Short Term Insurance LIISA / ACII / AIISA / FCII / FIISA qualification by examination. Have not less than 5 continuous years of practical experience as a loss adjuster.