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valued policy

noun, 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.
Origin of valued policy
First recorded in 1755-65 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2018.
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British Dictionary definitions for valued policy

valued policy

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 & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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