appraisal

1. Impartial analysis and evaluation conducted according to established criteria to determine the acceptability, merit, or worth of an item.

2. Evaluation by a qualified appraiser to (1) assess the current market value of a property, (2) estimate the extent of damage to an insured property and cost of repairs, or (3) determine if a total loss occurred. A written appraisal is usually a key requirement when a property is bought, sold, insured, or mortgaged. It is required also when a claim is filed for compensation for damage or destruction of the insured property. See also appraisal value.

3. Alternative term for valuation.