Appraiser Legal Meaning and Definition

Here is a simplified definition of the legal term Appraiser.

Appraiser (Noun)

Definition: An appraiser is an individual professionally trained to estimate the value of property, merchandise, or other items. Typically, an insurance company or other relevant authority hires appraisers to evaluate the worth of goods or assets at risk, to facilitate appropriate compensation in case of damage, loss, or claim.

For example, an insurance company may hire an appraiser to determine the value of a house for an insurance policy. This value will assist in calculating the insurance premiums and will be the basis for compensation if a covered event causes damage to the house.

Use in a sentence: The insurance company sent an appraiser to estimate the cost of the damaged car.