What does ASSESSMENT FUND mean? May 26, 2017 All Dictionary ASSESSMENT FUND meaning in Law Dictionary The assessment investment of a shared benefit organization could be the balance associated with the tests, less expenses, out-of which beneficiaries are compensated. Kerr v. Ben. Ass'n, 39 Minn. 174. 39 N. W. 312, 12 Am. St. Rep. 631.