Adjustment Legal Definition

In insurance law, the settlement of claims by an insurance company is called an adjustment. The company`s adjustment reflects the amount of money the company is willing to pay on behalf of a plaintiff after negotiation and taking into account the profits, losses and rights of the parties. For tax returns, a change in tax liability approved by the IRS is considered an adjustment. Set-off is a legal defence against all or part of a claimant`s pecuniary claim. It is also the offsetting of losses on a taxpayer`s profits or income in a given tax year. In insurance law, the adjustment of a loss is the determination of its amount and the proportional distribution among the debtors; the payment and determination of the amount of compensation to which the insured is entitled under all allowances and deductions paid under the policy, as well as the determination of the share to be paid by each insurer. Swamp. Ins. (4th ed.) 499; 2 PhiL Ins Nglish: Translation of the adjustment for Spanish speakers According to the law, the term adaptation may appear in various contexts as synonymous with terms with unrelated definitions: when money is owed to a lender, debt adjustments are made by creditors or judges who, given the current circumstances, release debtors from part of their obligation; such as insolvency. Compensation, contributions and appeal requests are also examples of adjustments.

A change or modification. Often used to change the amount to be paid when settling a debt, claim or amount due. Independent expert – an independent expert works for many insurance companies, usually on a contractual basis when needed. An independent expert may represent the interests of several insurance undertakings at the same time. The loyalty of an independent expert in handling the claim rests with the insurance company, not the insured. An independent tenant does not always need to be licensed by the State Department of Insurance of the state where they work, as this varies from state to state and is regulated by the state Department of Insurance. In emergency situations, especially when the governor of a state or the present of the United States declares a state of emergency, independent tenants typically receive temporary licenses to help insurers manage an influx of claims. [Last updated June 2021 by Wex Definitions Team] A contribution is a payment made between defendants with joint and several liabilities to divide or adjust the liability. Powered by Black`s Law Dictionary, Free 2nd ed. and The Law Dictionary.

Claims Adjuster – A recruiter works for an insurance company, usually in the internal claims department. The loyalty of a recruiter in handling the claim rests with the insurance company, not the insured. A recruiter doesn`t always need to be licensed by the state department of insurance in the state where they work, as the insurer usually holds a license from the state insurance department, which allows the insurer to regulate its own hiring staff. An adjustment is an arrangement, value adjustment or deduction for a debt or receivable that a debtor or creditor objects to in order to reach a fair agreement between the parties. The remedy is the replacement of one person or group instead of another with respect to a legitimate claim, claim or right, with the accepting party assuming the rights and obligations of the original party.