Insurance Adjusters (licensing, classes of licence, conduct and discipline)

What this document is

Minnesota Statutes Chapter 72B - Insurance Adjusters (licensing, classes of licence, conduct and discipline) is a state statute published by Minnesota Office of the Revisor of Statutes (revisor.mn.gov). It is one of the Minnesota documents that insurance license exam questions are written from, including minnesota property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Minn. Stat. § 72B.02, subd. 5 (Definitions; independent adjuster)

  “"Independent adjuster" means a person who: (1) is an individual, a business entity, an independent contractor, or an employee of a contractor, who contracts for compensation with insurers or self-insurers; (2) is treated for tax purposes by the insurer or self-insurer in a manner that is consistent...”

• Minn. Stat. § 72B.135, subd. 1 (Public Adjusters; Insured's Right to Cancel)

  “An insured who has entered into a contract with a public adjuster involving the business for which the person was licensed, has the right to cancel the contract within 72 hours after the contract has been signed. Cancellation is evidenced by the insured giving written notice of cancellation to the...”

• Minn. Stat. § 72B.10 (Staff Adjusters)

  “A staff adjuster who adjusts losses or claims in this state shall not be subject to the application, licensing, or examination requirements or other qualifications set forth in sections 72B.01 to 72B.136. Such a staff adjuster shall not, however, engage in any of the practices forbidden to a...”

• Minn. Stat. § 72B.106(f) (Standards of Conduct of Independent Adjusters; Financial Interest and Salvage)

  “An independent adjuster must not have any financial interest in any adjustment or acquire for the independent adjuster or any person any interest or title in salvage, without first receiving written authority from the principal.”

• Minn. Stat. § 72B.091, subd. 3 (Damage Appraisals; No Specified Repairer)

  “No appraiser, adjuster, or that person's employer shall require that repairs be made in any specified repair facility.”

• Minn. Stat. § 72B.055 (Multiple Peril Crop Insurance Adjustments)

  “A licensed crop hail adjuster who has satisfactorily completed the loss adjustment training curriculum and competency testing required by the Federal Crop Insurance Corporation (FCIC) Standard Reinsurance Agreement may act as an adjuster in this state in regard to Multiple Peril Crop Insurance...”

• Minn. Stat. § 72B.092, subd. 1(6) (Motor Vehicle Insurance Adjustments; Prohibitions on Insurer)

  “specify the use of a particular vendor for the procurement of parts or other materials necessary for the satisfactory repair of the vehicle. This clause does not require the insurer to pay more than a reasonable market price for parts of like kind and quality in adjusting a claim; or”

• Minn. Stat. § 72B.041, subd. 3 (Resident Adjuster License Procedure and Requirements; Bonding)

  “No initial or renewal public adjuster's license shall be issued to any applicant unless there is on file with the commissioner a good and sufficient surety bond, issued by an insurer authorized to do business in this state. The bond shall be in the amount of $10,000 with the state of Minnesota as...”

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