A type of policy usually used for high-value items, like antiques or artwork. The policy has a stated amount to be paid should a total loss occur. This is done to prevent the need to determine the actual value of the property lost.
Related information about valued policy:
- valued policy - The Free Dictionary
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 ...
- Valued policy - Legal Dictionary - The Free Dictionary
VALUED POLICY. A valued policy is one where the value has been set on the ship or goods insured, and this value has been inserted in the policy in the nature ...
- valued policy: Definition from Answers.com
valued policy n. An insurance policy requiring the insurer to pay the insured the full face value of the policy in the.
- Valued Policy Law (VPL) Definition | Investopedia
A statute that requires insurance companies to pay the full value of the insurance to an insured entity in the event of a total loss. The Valued Policy Law does not ...
- What is valued policy? definition and meaning
Definition of valued policy: Insurance contract (such as a life insurance policy) that pays a specified amount irrespective of the extent of loss, and without making ...
- Valued policy | Define Valued policy at Dictionary.com
a policy in which the company and the policyholder agree to the amount to be paid in the event of total loss of property, regardless of the value of the property.
- What Is a Valued Policy?
A valued policy is a type of insurance policy in which the full face value of the policy is paid out in the event of a total loss, regardless as to the actual value of the ...
- Valued policy - Merriam-Webster Online
an insurance policy in which the insurer and insured agree upon a stated value in advance of a loss to be accepted as the measure of liability in case of a total ...