valued policy

noun

Legal Definition of valued policy

: 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

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“Valued policy.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/valued%20policy. Accessed 31 Oct. 2020.

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