Final answer:
A public insurance adjuster promotes and represents the interests of the insured (the policyholder), assisting with insurance claims to achieve a fair settlement. They operate under a regulated industry, where state insurance regulators aim to keep insurance rates affordable and maintain widespread coverage.
Step-by-step explanation:
A public insurance adjuster represents the interests of the insured, specifically the policyholder, and not the insurance company. Their role is to assist the insured with filing a claim, and they work on behalf of the policyholder to ensure that the claim is handled fairly and that the settlement is adequate for the damages incurred. They are distinct from adjusters who may be employed directly by an insurance company.
Given the government regulation of insurance, which involves state-level regulators collaborating through the National Association of Insurance Commissioners, the insurance landscape aims to balance keeping insurance prices low while making sure everyone has insurance.
The complexity of the insurance market includes factors such as investment income, administrative costs, and risk management, all while ensuring that the firm remains profitable after handling the claims and expenses.A public insurance adjuster promotes and represents the insured.