valued policy

valued policy
A policy of insurance in which the value of the subject matter insured is fixed by agreement and stated in the policy. 29A Am J Rev ed Ins § 1586. If there is anything in the policy which clearly indicates an intention on the part of the insurer to value the risk and loss, in whatever words expressed, the policy is valued. American Ins. Co. v Gentile Bros. Co. (CA5 Fla) 109 F2d 732.

Ballentine's law dictionary. . 1998.

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Look at other dictionaries:

  • Valued policy — Policy Pol i*cy, n. [F. police; cf. Pr. polissia, Sp. p[ o]lizia, It. p[ o]lizza; of uncertain origin; cf. L. pollex thumb (as being used in pressing the seal), in LL. also, seal; or cf. LL. politicum, poleticum, polecticum, L. polyptychum,… …   The Collaborative International Dictionary of English

  • valued policy — n: an insurance policy in which the insurer and insured agree on a stated amount that will be paid in the event of a future loss instead of an amount that would have to be proven as the actual loss Merriam Webster’s Dictionary of Law. Merriam… …   Law dictionary

  • valued policy — UK US noun [C] INSURANCE ► VALUED INSURANCE(Cf. ↑valued insurance) …   Financial and business terms

  • Valued policy — Val ued pol i*cy (Fire Insurance) A policy in which the value of the goods, property, or interest insured is specified; opposed to {open policy}. [Webster 1913 Suppl.] …   The Collaborative International Dictionary of English

  • valued policy — Insurance policy in which a definite valuation is by agreement of both parties put on the subject matter of the insurance and written in the face of the policy and such value, in the absence of fraud or mistake, is conclusive on the parties. One… …   Black's law dictionary

  • valued policy — noun Etymology: from past participle of value (II) : 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 loss * * * Insurance. a policy… …   Useful english dictionary

  • Valued-policy law — (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. [Webster 1913 Suppl.] …   The Collaborative International Dictionary of English

  • valued policy law — n: a law requiring insurance companies to pay to the insured in case of total loss the full amount of insurance regardless of the actual value of the property at the time of the loss Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • Valued Policy Law - VPL — 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 consider the actual value of the insured property at the time of the loss;… …   Investment dictionary

  • valued policy — Insurance. 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. [1755 65] * * * …   Universalium

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