Question

When completing Continuing Education requirements, an adjuster must have at least 2 hours in the following topics:

1. Customer service or Investigative Techniques
2. Consumer Protection or Adjuster Ethics
3. Claims Management or Estimating Accuracy
4. Initial Contact or Timely Follow up

Answer 1

The student's question pertains to the Continuing Education topics required for an adjuster, including customer service, ethics, and claims management. These educational requirements tie into the fundamental law of insurance, which necessitates that insurance payments cover claims, administrative costs, and allow for profits.

Step-by-step explanation:

The question relates to the Continuing Education requirements for an adjuster, a professional who evaluates insurance claims. Adjusters must stay updated on industry practices and ethical standards, hence the education requirements which include topics like customer service, investigative techniques, consumer protection, adjuster ethics, claims management, estimating accuracy, initial contact, and timely follow-up. These topics help ensure that adjusters can handle claims effectively, understand the importance of maintaining ethical standards, and meet consumer expectations for quality service.

Fundamentally, the costs of running an insurance company, including paying out claims and generating profits, are covered by the premiums paid by policyholders. This concept is part of the fundamental law of insurance, which states that the average person's payments into insurance have to cover the average person's claims, the administrative costs of the company, and allow for the company's profits. This law is essential to the sustainability and financial health of insurance firms.