Appraiser

Definition - What does Appraiser mean?

An appraiser is a professional who determines the value and cost of an insured item, asset, or personal property. Qualified by education, experience, or training, they assess and estimate the value of existing property, the damages that may be incurred, and cost to repair damages in the event it happens. Moreover, they are essential to insurance companies for their objective evaluations, which factor in claims and benefits paid out.

Insuranceopedia explains Appraiser

An appraiser may have several job duties, but one of the most important is evaluating property and damage and assigning a value to them. This may be done either by approximation or actual calculation of the worth of said assets. For example, an appraiser might inspect damaged vehicles after an auto accident to estimate replacement or repair costs. The figure is relayed to an adjuster so that the insurance company does not pay out more benefits than necessary.

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