What does Appraisal mean? Read on to discover the definition & meaning of the term Appraisal - to help you better understand the language used in insurance policies.
An appraisal is an estimate of the market value of an item by a certified professional. Appraisals can be assigned to nearly any item, including real estate. Appraisals are conducted by individuals called appraisers. Appraisers are educated in a variety of market valuation methods and are recognized by a regulatory authority as being capable of issuing an accurate valuation.
We hope the you have a better understanding of the meaning of Appraisal.