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open policy

noun Insurance.
  1. a continuous policy covering goods of a class subject to changes in volume, usually requiring periodic reports of values.
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Origin of open policy

First recorded in 1875–80
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018

British Dictionary definitions for open policy

open policy

noun
  1. an insurance policy in which the amount payable in the event of a claim is settled after the loss or damage has occurredCompare valued policy
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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