valued policy

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val·ued policy

 (văl′yo͞od)
n.
An insurance policy requiring the insurer to pay the insured the full face value of the policy in the event of total loss, regardless of the actual value of the lost property.

valued policy

n
(Insurance) 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
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References in periodicals archive ?
This is claimed to be the highest valued contract been placed by GSECL.
This is the second time in as many years that ESAB has won such a large order in the Middle East, having completed a similarly valued contract in Qatar in 2010.
M2 EQUITYBITES-3 May 2010-SBM Offshore's subsidiary signs EUR60m valued contract with Lamprell Energy(C)2010 M2 COMMUNICATIONS http://www.