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open policy

noun, Insurance.
1.
a continuous policy covering goods of a class subject to changes in volume, usually requiring periodic reports of values.
Origin
1875-1880
1875-80
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for open-policy

open policy

noun
1.
an insurance policy in which the amount payable in the event of a claim is settled after the loss or damage has occurred Compare valued policy
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Word Value for open

6
8
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