Catastrophe (CAT) Adjuster
Definition:
An adjuster who specializes in handling claims after large-scale disasters.
Explanation:
CAT adjusters are deployed by insurers to areas hit by events like hurricanes, floods, or wildfires. They typically handle a high volume of claims in a short time.
Example:
After Hurricane Sandy, CAT adjusters were sent to New Jersey to process thousands of homeowner claims.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.