Valued-policy law

1.(Fire Insurance) A law requiring insurance companies to pay to the insured, in case of total loss, the full amount of the insurance, regardless of the actual value of the property at the time of the loss.
References in periodicals archive ?
Shaked said most plaintiffs will probably try to apply valued-policy law, which plaintiffs in Florida have used to force balky insurers to pay up.
"Valued-policy law will really apply now," Shaked said, because "obviously we're talking about 'total loss' in many of these cases." He has called it "a tool that has been in existence for quite some time but is often overlooked," and said the law is fair to both insurers and policyholders.