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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In July, the company had warned that full year profit would be around pounds 20 million lower than expectations following a review of the way it valued contracts and recognised profits