valued policy law

noun

Legal Definition of valued policy law

: 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

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“Valued policy law.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/valued%20policy%20law. Accessed 29 Nov. 2020.

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