MLchartDataset catalogue

Appraisal clause

Term · Insurance and risk management · MLC-T-INS-000442

A provision in an insurance policy that outlines a process for resolving disputes between the insured and the insurer regarding the amount of a covered loss. If the parties cannot agree on the value of damaged property, each appoints an appraiser, and those two select an umpire. A decision agreed upon by any two of these three is binding on both parties.

Table 1. Record
IdentifierMLC-T-INS-000442
FieldInsurance and risk management
SubjectPersonal Lines
Record as JSON 
{
  "id": "MLC-T-INS-000442",
  "term": "Appraisal clause",
  "field": "Insurance and risk management",
  "definition": "A provision in an insurance policy that outlines a process for resolving disputes between the insured and the insurer regarding the amount of a covered loss. If the parties cannot agree on the value of damaged property, each appoints an appraiser, and those two select an umpire. A decision agreed upon by any two of these three is binding on both parties.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/appraisal-clause/"
}

Record 188 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.