Insurance Appraisal
/ɪnˈʃʊərəns əˈpreɪzəl/
Definitions
- (n.) A process in which an independent appraiser determines the amount of loss or damage under an insurance policy to resolve disputes between insurer and insured.
The insurance appraisal was initiated after the homeowner disputed the insurer's settlement offer.
Forms
- insurance appraisal
- insurance appraisals
Related terms
See also
Commentary
Typically triggered by an appraisal clause in the insurance contract, this process provides a binding resolution mechanism when parties disagree on the value of a claim.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.