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.

1755–65 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To valued-policy
World English Dictionary
valued policy
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

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
Cite This Source
Copyright © 2014, LLC. All rights reserved.
  • Please Login or Sign Up to use the Recent Searches feature