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.
Peter Deeley, chairman of the Deeley Group, said the project was a valued contract for the firm, which had recently completed the Broomfield Medical Centre in Spon End and Tower Court in Foleshill Road.
Gene Logic increasingly is establishing itself as a differentiated and valued contract service provider to pharmaceutical companies and Federal agencies focused on areas of key concern to the nation's health," commented Mark D.