OR Public Adjuster key terms

A credential issued by the Oregon Division of Financial Regulation authorizing a person to represent insureds, for compensation, in negotiating first-party property claims against insurers.

The Oregon agency that licenses insurance producers, adjusters, and public adjusters, examines licensee conduct, and enforces the Insurance Code through orders and civil penalties.

Oregon distinguishes company or staff adjusters, independent adjusters who work for insurers, and public adjusters who work for insureds; each category carries different representation and disclosure rules.

An adjuster who contracts with insurers to investigate and settle claims on their behalf and is prohibited from also representing the insured on the same claim.

Duties to notify the Division of Financial Regulation of changes such as address, name, criminal convictions, or administrative actions within the time frames set by statute and rule.

The periodic credit hours a licensed public adjuster must complete, covering approved topics such as insurance law, ethics, and claims practice, to keep the license active.

Negotiating or settling an insured's property claim for compensation without holding a valid Oregon public adjuster license, which exposes the person to penalties and voids compensation agreements.

An act that breaches Oregon insurance statutes or rules, such as misrepresentation, rebating, or unlicensed activity, and may result in fines, license suspension, or revocation.

A financial stake in property such that the insured suffers genuine loss if damage occurs; without it, a property policy is not enforceable.

The core idea that insurance restores the insured to approximately the same financial position as before the loss, never allowing profit from a claim.

A settlement measure equal to replacement cost minus depreciation, reflecting the property's value at the time of loss rather than the cost of a new item.

The amount needed to repair or replace damaged property with new materials of comparable kind and quality, without deducting for depreciation.

The reduction in value from age, wear, obsolescence, or prior condition that is subtracted from replacement cost to arrive at actual cash value.

A property policy provision requiring the insured to carry coverage at least equal to a stated percentage of property value or face a reduced claim payment.

The amount of each loss the insured absorbs before the insurer pays, commonly a flat dollar figure or a percentage of the dwelling limit.

A property form covering residential structures and contents, with the numbered forms offering increasingly broad perils and, on DP-3, open-peril coverage.

A package policy covering the dwelling, personal property, liability, and additional living expenses, with HO-3 insuring the structure on an open-peril basis and HO-5 broadening contents coverage.

Insurance that responds only to perils specifically listed in the policy, such as fire, windstorm, or vandalism, with the burden on the insured to show the loss fits a listed peril.

Open-peril insurance covering all risks of direct physical loss except those expressly excluded, which shifts the burden to the insurer to prove an exclusion applies.

Coverage that pays the reasonable increase in living costs, such as temporary housing and meals, while a damaged dwelling is being repaired.

Coverage for lost income and continuing fixed expenses when a covered property loss interrupts business operations for the period reasonably needed to restore them.

A stated circumstance, cause, or property type the policy does not cover, such as earth movement, ordinance or law, or intentional loss, which narrows the insuring agreement.

A loss produced by two or more causes acting together, one covered and one excluded, raising questions about whether an exclusion bars the entire claim or only the excluded portion.

The doctrine that when multiple causes contribute to a loss, the dominant, initiating cause determines coverage under the policy.

The adjuster's duty to respond to a reported loss within the time required by Oregon claim practice rules, confirming receipt and beginning the investigation without undue delay.

A thorough, good-faith inquiry into a claim that gathers relevant facts, documents damage, and evaluates coverage before a position is taken or a denial issued.

A signed sworn statement from the insured detailing the amount, date, and cause of loss and supporting the claim, usually required within a set period after the insurer's request.

A formal, notarized proof of loss document that binds the insured to its contents and forms the basis for payment or dispute.

A policy provision letting the insured and insurer each select a competent appraiser, with a neutral umpire resolving disagreements over the amount of loss.

Prohibited insurer conduct such as misrepresenting policy provisions, unreasonable delay, failing to investigate promptly, or offering substantially less than the claim is worth.

A written agreement between a public adjuster and an insured that must state the services, compensation method, and the insured's right to cancel within the statutory period.

The insured's statutory right to cancel a public adjuster contract within a specified number of days after signing, without penalty or obligation for fees.

Compensation calculated as a percentage of the claim amount the insured recovers, payable only if a recovery is obtained, and subject to statutory caps and disclosure rules.

The obligation to act solely in the insured's interest, handle claim funds honestly, avoid self-dealing, and disclose any conflict affecting the representation.

Limits on how and when a public adjuster may approach potential clients, including prohibitions on contacting insureds during declared disasters or at the loss scene without invitation.

A situation where the adjuster's personal, financial, or business interest could improperly influence the handling of an insured's claim, requiring disclosure or withdrawal.

Falsely describing what a policy covers, the settlement amount available, or the adjuster's authority in order to induce an insured to sign or continue a contract.

The requirement that a public adjuster keep accurate claim records, contracts, and financial documentation for the period set by Oregon rule and make them available to the Division on request.