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Simple English definitions for legal terms
adjust
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A quick definition of adjust:
Adjust means to figure out how much money an insurance company should pay someone who has had a loss. It can also mean making a new agreement with someone to pay back money they owe. An adjuster is a person who works for an insurance company and helps figure out how much money to pay for a loss. They can also work independently and help people with claims from different insurance companies.
A more thorough explanation:
Definition: To determine the amount that an insurer will pay an insured to cover a loss or to arrive at a new agreement with a creditor for the payment of a debt.
Examples:
- An insurance adjuster assesses the damage to a car after an accident and determines how much the insurance company will pay to cover the cost of repairs.
- A person with a large credit card debt may need to adjust their payment plan with the creditor to make it more manageable.
These examples illustrate how adjusting involves determining a new amount or agreement to address a loss or debt. An adjuster may negotiate with the insured or creditor to come to a fair resolution.