appraisal clause
- 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
- The insurance holder requested to invoke the appraisal clause following disagreement over the claim amount.
- According to the appraisal clause, both parties must hire independent estimators to settle the claim dispute.
- 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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