| 释义 |
valued policy
val·ued policy V0016400 (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 Valued policy
Related to Valued policy: Insuring AgreementVALUED 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 of liquidated damages, to save the necessity of proving it in case of loss. 1 Bouv. Inst. n. 1230. Valued Policy
Valued PolicyAn insurance policy that pays a specified amount in the event of a loss, regardless of the value of the loss. For example, a life insurance policy may pay $100,000 upon the death of the insured, regardless of when or how the death occurs. |