Definition of "Valuation of loss"
Rae Wakelin & Nicola Wakelin, Real Estate Agent
Amerivest Realty- Wakelin Realty Team
Method of setting a dollar value on loss suffered by an insured. In some cases, a loss is straightforward, such as the cost of gallbladder surgery. But with burglary of a home or a traffic accident that damages a car, the amount of loss is open to interpretation. In many cases, the insured needs receipts, appraisal documents, or other evidence of value. In other cases, a claim adjuster values the loss and determines how much the insurer will pay.
Have a question or comment? We're here to help.