Tax-appraised Value
Definition of "Tax-appraised value"
Estimate of an asset that is used to determine tax obligations. It is usually in the interest of the owner to have a low value put on a piece of property for tax purposes. However, the owner sometimes wants the same property to carry a higher appraisal value for insurance purposes so that losses can be easily recovered if the property is lost or damaged.
Popular Insurance Terms
In the insurance field, we have insurance companies, which is where every individual or company goes to get insurance policies, and then there are reinsurance companies. Now, you might ask ...
Authority to act on behalf of an individual that terminates upon its revocation or death of that individual. ...
Coverage that is purchased to provide protection for a loss that has already occurred. The severity of the loss, however, is uncertain. ...
Professional designation earned after the successful completion of 10 national examinations given by the American Institute for Property and Liability Underwriters. Covers such areas of ...
Activities of interest in underwriting an application for life insurance to determine the rate classification (premium) for the applicant. For example, a sky diver is at greater personal ...
Notice added to the employee retirement income security act (erisa) requiring the employer to disclose the following information concerning the pension plan to the employee: statement ...
Group of plans (to include section 401(k) plans and section 403(b) plans) that permit in-service withdrawals to fund a college education if a hardship exists. ...
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
Date, in insurance, on which a person becomes one year older. Depending on the insurance company, premiums in life and health insurance manuals are figured to the age-nearest-birthday or ...
Have a question or comment?
We're here to help.