valued policy


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Related to valued policy: 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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References in periodicals archive ?
If a CP 00 10 and CP 10 30 policy is purchased for a rental property through an E&S carrier, does the valued policy law apply?
Valued Policy is one which specifies the agreed value of the subject matter insured.
Bonus amount has been included in all with-profit policies of the valued Policy holders.
On Monday, government spokesman Nicos Christodoulides tried to reduce the issue to a disagreement on ethics and civic duty which Georghadji needs to set right, while Finance Minister Harris Georgiades came out in her defence as a valued policy partner.
Holderby is a founding leader of the Massachusetts Association of Community Health Workers, nurturing the organization from "its extremely humble beginnings to its current state as a well-recognized and valued policy advocate for improving the health of Massachusetts communities," Hirsch wrote.
The Landrys sued, claiming that a 108-year-old state statute--the valued policy law (VPL)--requires insurers to pay the face value of a homeowners' insurance policy when an insured home is completely destroyed.
Another particularly important state statute, in the context of hurricane losses, is the Louisiana Valued Policy Law.
In "Florida's 'Valued Policy Law': Clarifying Some Recent Misconceptions" (Dec.
In a blow to Florida's property insurers, that court, interpreting that state's long-standing "valued policy law," allowed the insured to recover policy limits trader wind coverage, even though the insured received a substantial payment for flood damage under the National Flood Insurance Program (BestWire, June 2, 2005).
"What we are finding now is that there have been offbeat interpretations of the valued policy law, which seriously affects home and commercial insurers who don't write flood insurance and forces them to pay for flood damage."
4th DCA 2004 the bill provides legislative intent that the valued policy law is not intended to create new or additional coverage, or to require an insurer to pay for a loss caused by a peril other than the covered peril.
If its valued policy provides for $5,000 a day in business interruption payments, the company would be paid $250,000.