valued policy

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Related to Valued Policies: Valued Policy Law, Insuring Agreement

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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Valued policies, as introduced previously in the case of Michael v.
On the other hand, valued policies feature a preselected agreed amount of coverage that is set per day, week, or month of down time.