valued policy

Related to valued policy: Insuring Agreement

val·ued policy

(văl′yo͞od)

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.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

valued policy

(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

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

Mentioned in ?

open policy

References in periodicals archive ?

Valued Policy is one which specifies the agreed value of the subject matter insured.

Marine Insurance Introduction

Bonus amount has been included in all with-profit policies of the valued Policy holders.

State Life declares 97.5% of its actuarial surplus

On Monday, government spokesman Nicos Christodoulides tried to reduce the issue to a disagreement on ethics and civic duty which Georghadji needs to set right, while Finance Minister Harris Georgiades came out in her defence as a valued policy partner.

Anastasiades says ball in Georghadji's court

Holderby is a founding leader of the Massachusetts Association of Community Health Workers, nurturing the organization from "its extremely humble beginnings to its current state as a well-recognized and valued policy advocate for improving the health of Massachusetts communities," Hirsch wrote.

Holderby honored with Rodriguez-Trias award

The Landrys sued, claiming that a 108-year-old state statute--the valued policy law (VPL)--requires insurers to pay the face value of a homeowners' insurance policy when an insured home is completely destroyed.

Louisiana Supreme Court sides with insurer in flood loss case

Another particularly important state statute, in the context of hurricane losses, is the Louisiana Valued Policy Law.

Wind vs water: battle royale over hurricane claims

In "Florida's 'Valued Policy Law': Clarifying Some Recent Misconceptions" (Dec.

Author's response to valued policy law article

In a blow to Florida's property insurers, that court, interpreting that state's long-standing "valued policy law," allowed the insured to recover policy limits trader wind coverage, even though the insured received a substantial payment for flood damage under the National Flood Insurance Program (BestWire, June 2, 2005).

Coverage disputes inevitable after Katrina

4th DCA 2004 the bill provides legislative intent that the valued policy law is not intended to create new or additional coverage, or to require an insurer to pay for a loss caused by a peril other than the covered peril.