1. A statement or certificate confirming the value of items of insured property, usually prepared by an independent professional. 2. In life insurance this is the annual assessment of the insurer’s assets and liabilities in the manner required by the valuation regulations. 3. An actuarial valuation when an actuary compares pension scheme assets and liabilities. He works out the level of contributions required to create sufficient money to ensure that the pensions due to members will be funded. In the case of defined benefit schemes, there must be an actuarial valuation every third year.
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A general term used to refer to the approximation of an items value. This is usually done through an appraiser.
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(i) Process of placing monetary value for an item of property, a claim, or some other legal interest (ii) Monetary value of something.
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To estimate the value of a piece of property usually by considering its replacement cost or its actual cash value. Factored into the estimate is any depreciation or wear and tear.