appraisal clause

Definition of "appraisal clause"
  1. A section within an insurance contract that describes the method to calculate the value of a claim when there is a disagreement between the insurance holder and the insurance company
How to use "appraisal clause" in a sentence
  1. The insurance holder requested to invoke the appraisal clause following disagreement over the claim amount.
  2. According to the appraisal clause, both parties must hire independent estimators to settle the claim dispute.
  3. If the insurance company and the policyholder continue to disagree on the amount of the claim, they can resort to the appraisal clause for resolution.

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