A policy in which the value of the goods, property, or interest insured is specified; -- opposed to open policy.
An insurance policy under which the insurance company is obligated to pay the full amount of the policy written to insure real property against loss by fire (and, sometimes, other perils) when the property insured is totally destroyed. Several states have laws that are known as Valued Policy Laws.
a policy that specifies the agreed value of the subject-matter insured
a policy, which specifies the agreed value of the subject matter assured
A policy which states that in the event of a total loss, a specific amount will be paid, that being the amount stated in the policy. The effect is to eliminate the need for determining the actual cash value of an item of property in the event of a total loss. It is generally used with certain more valuable items, such as fine arts, antiques, and furs. See also Valued Policy Law.
A policy which provides that a special amount shall paid in the event of a total loss of the property.
This is a policy in which the value of the property insured and amount to be paid in case of total loss are determined at policy inception rather than at the time of the loss.
A policy where the value of the property is agreed to at the beginning of a policy.
A form of policy in which the amount of indemnity to be paid in case of loss is fixed by the terms of the policy itself and does not depend on adjustment. This should not be confused with a stated value policy.
(p) - this term refers to a flood policy that has a limit of insurance that was determined as a mutually agreed-upon amount to be paid if the insured suffers a total flood loss.
The agreed value of the subject matter insured is stated on the policy. Hull and Goods policies are invariably of this type.
a contract in which the insurers agree to pay the sum stated in the event of total loss without the usual allowance for depreciation or appreciation.
see Agreed amount clause.
A policy under which the insurer pays a specified amount of money to or on behalf of the insured upon the occurrence of a defined loss. The money amount is not related to the extent of the loss. Life insurance policies are an example.