Assessment

Assessment, (from Lat. assessare, to sit beside, to judge), a term expressing either an official valuation of income or property for purposes of taxation, or the amount so determined (see Taxation and Valuation). It is also applied to the amount of damages fixed by a jury in a court of law (see Damages).

An assessment committee is a statutory committee appointed under the Union Assessment Acts 1862, 1880, for the purpose of making out the valuation lists upon which the poor-law rate is based.

An assessment policy, in life insurance, is a policy issued at a fixed premium, the excess of which over the portion necessary to meet current claims and expenses goes to form a reserve fund which is devoted to various forms of benefit for the policy-holders. See Insurance and Friendly Societies.