loss adjuster

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A person appointed by an insurer to negotiate an insurance claim. The loss adjuster, who is independent of the insurer, discusses the claim with both the insurer and the policyholder, producing a report recommending the basis on which the claim should be settled. The insurer pays a fee for this service based on the amount of work involved for the loss adjuster, not on the size of the settlement. Compare loss assessor.

Subjects: Financial Institutions and Services.

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