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.
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Origin of valued policy
First recorded in 1755–65
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British Dictionary definitions for 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 lossCompare 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