Aleatory Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Aleatory, written in plain English, along with examples of how it is used.

What is Aleatory?

n. to appraise is to give a just valuation of property. The need arises in such times where the justice to be done to a party depends on the just value of a property, for example in distributing assests of the deceased, evaluating mortages, determining minimum auction price, finding out damage to public property, fixing the value of stolen/damaged property for the purposes of insurance or determining the worth of a would-be-insured property to determine the value of the premium to be charged, etc.