valued-policy

valued policy

noun Insurance.
a policy in which the company and the policyholder agree to the amount to be paid in the event of total loss of property, regardless of the value of the property.

Origin:
1755–65

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World English Dictionary
valued policy
 
n
Compare open policy an insurance policy in which the amount payable in the event of a valid claim is agreed upon between the company and policyholder when the policy is issued and is not related to the actual value of a loss

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