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Art Appraiser

Real-Life Activities

Real-Life Math

Art appraisers are hired by insurance companies to settle real and false claims. In order to appraise successfully, you must be comfortable with valuation science, which is a math-based study, says Gerri Samples.

Kathryn Minard agrees that a qualified personal property appraiser is professionally trained in appraisal theory, principles and procedures that involve all aspects of science, not just art.

You are currently appraising a piece of art for an insurance company, which pays 90 percent of claims under $15,000. You assess the fair market value to be $8,000 to $10,000.

However, in a recent auction record, you notice that this particular artist had been more prolific than originally suspected. As such, you depreciate the value of the painting by 15 percent. Fortunately for the insurance company's client, the company pays the claim based on the high end of the range of the fair market value.

What is the price the insurance company pays?

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OCAP believes that financial literacy and understanding the financial aid process are critical aspects of college planning and student success. OCAP staff who work with students, parents, educators and community partners in the areas of personal finance education, state and federal financial aid, and student loan management do not provide financial, investment, legal, and/or tax advice. This website and all information provided is for general educational purposes only, and is not intended to be construed as financial, investment, legal, and/or tax advice.