THE ENCYCLOPÆDIA BRITANNICA

A DICTIONARY OF ARTS, SCIENCES, LITERATURE AND GENERAL INFORMATION

ELEVENTH EDITION 1911

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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.


Transcriber's note: A few typographical errors have been corrected. They appear in the text like this, and the explanation will appear when the mouse pointer is moved over the marked passage. Sections in Greek will yield a transliteration when the pointer is moved over them, and words using diacritic characters in the Latin Extended Additional block, which may not display in some fonts or browsers, will display an unaccented version.

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