What Does Appraisal Condition Mean?

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What does Appraisal Condition mean? Read on to discover the definition & meaning of the term Appraisal Condition - to help you better understand the language used in insurance policies.

Appraisal Condition

Appraisal Condition

Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss-the insured and the insurer each select an appraiser; the two appraisers select an umpire; if the appraisers cannot agree on the amount of loss, the umpire is consulted; the amount agreed to by any two of the three parties is the amount paid for the loss.

We hope the you have a better understanding of the meaning of Appraisal Condition.

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