valued policy
nounInsurance.
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 of valued policy
1First recorded in 1755–65
Words Nearby valued policy
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2024
British Dictionary definitions for valued policy
valued policy
noun
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: Compare open 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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