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Terms Used In Illinois Compiled Statutes 215 ILCS 5/397.05

  • Appraisal: A determination of property value.
     When an insured requests an appraisal under a policy of fire and extended coverage insurance, as defined in subsection (b) of Section 143.13, and the insured’s full amount of appraised loss is upheld by agreement of the appraisers or the umpire, then the insured’s appraisal fee and umpire’s appraisal fee shall be paid by the insurer.