A large number of people have a theory that having an insurance claim adjuster occupation is no different from having an unlimited amount of money in their wallet. It continues to remain an assumption that claim adjusters have not only a very simple job, but that they also receive a great amount of money.
While it sounds like a great career for those who want a large paycheckfor doing very little work, these assumptions about the occupation are completely false. The assumptions that have been made are just as false as a bottomless wallet full of money. Insurance claim adjusters receive minimal pay compared to other professions.
As stated by the United States Department of Labor, insurance claim adjusters, on average, made $44,220 during the year 2004. The tenth percentile highest amounts that were received were $72,620. The bottom ten percentile smallest amounts were $27,220.
As all of the payments are compared, there is a major difference between them. It does matter, however, that each payment given goes to different types of adjusters within the career. Throughout the overall occupation, there are two specific types of adjusters. The two kinds are staff adjusters and independent adjusters.
The staff adjusters are employed by an insurance carrier, while independent adjusters are employed in adjusting organizations, and are self-employedperforming a variety of claim adjusting work.
The slightest difference between different types of jobs in the business will affect how much pay the adjuster will be receiving. As an example, staff adjusters are making amounts that are much less than independent adjusters.
Staff adjusters received payments that ranged from $25,000 to $60,000, which is considered a practical income. Independent adjusters, on the other hand, are making a much greater income. During a good year, particularly if he or she has worked through disaster claims, an independent adjuster can receive well over $100,000.
One example of payments received for disasters, which are gained by independent adjusters, is a percentage of each claim that had been settled. The percentage that will be gained by the adjuster is between 60-70%, and the remaining 30-40% will be given to the adjusting business that they are employed in. Being an independent adjuster, and being able to make more than $1,000 a day, while being involved in a disaster claim is very achievable for an adjuster with experience.
Although the pay isn’t so great, the competition for receiving a large amount of claims is very common within this career. When a disaster happens, the claim adjusters are in for a very exciting race in order to gather many claims, as well as great amounts of income.
This is especially true for the independent adjustors. Even though the pay is low for staff adjusters, there does not seem to be a high turnover rate within insurance companies. This can be contributed to the fact that the working conditions are relatively good. People that enter the career, usually enjoy the work they are given and the job that they do.