\vˌaljuːˈe͡ɪʃən], \vˌaljuːˈeɪʃən], \v_ˌa_l_j_uː_ˈeɪ_ʃ_ə_n]\
Definitions of VALUATION.
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It differs from price, which does not always afford a true criterion of value, for a thing may be bought very dear or very cheap. In some contracts, as in the case of bailments or insurances, the thing bailed or insured is sometimes valued at the time of making the contract, so that if lost, no dispute may arise as to the amount of the loss. 2 Marsh. Ins. 620; 1 Caines, 80; 2 Caines 30; Story, Bailm. Â§253, 4; Park Ins. 98; Wesk. Ins. h. t.; Stev. on Av. part 2; Ben. on Ins. ch. 4.
By John Bouvier