The person who evaluates the damage caused by an accident or other covered loss and determines the amount to be paid under the policy terms.
- Browse Related Terms: Appraiser, Bodily injury (BI), Comparative fault, Comparative Negligence Law, Liability insurance, Named driver exclusion, Named driver policy, Negligence, Negligence/Negligent, Non-owners policy, Underinsured Motorist (UIM), Underinsured Motorist Bodily Injury (UIM) Coverage, Underinsured Motorist Bodily Injury Coverage (UIM), Uninsured Motorist (UM), Uninsured Motorist Bodily Injury (UM) Coverage, Uninsured Motorist Property Damage Insurance (UMPD), Uninsured motorist protection, Uninsured/underinsured motorist (UM/UIM) coverage, Unsatisfied judgment fund
a professional with knowledge of real estate markets and skilled in the practice of appraisal, a written estimate of a property’s current market value. When a property is appraised in connection with a loan, the appraiser is selected by the lender, but the appraisal fee is usually paid by the homeowner.
- Browse Related Terms: Appraisal, Appraiser, Closing (or settlement) costs, equity, Financial Models, Good faith estimate, Loan to Value (LTV) Ratio
A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
A professional who conducts an analysis of the property, including examples of sales of similar properties in order to develop an estimate of the value of the property. The analysis is called an "appraisal."
- Browse Related Terms: Appraisal, appraisal fee, Appraiser, home inspection, Loan to Value (LTV) Ratio, Market value, Origination, property appraisal, Tax-free exchange, Warranties