UMPIRE

Today's word: UMPIRE
Theme for this fortnight: INSURANCE

             

               This term actually resembles the “cricket umpire” and the functions are also similar. A person selected by two appraisers to help settle disputes in property insurance claims. The appraisers are chosen by the disputing company and claimant, and a decision of any two of the three is binding. For example, if a company and claimant fail to agree on actual cash value of property destroyed or the amount of the loss, many policies provide that these be determined by appraisal.