VALUED POLICY
\vˈaljuːd pˈɒlɪsi], \vˈaljuːd pˈɒlɪsi], \v_ˈa_l_j_uː_d p_ˈɒ_l_ɪ_s_i]\
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A policy in which the value of the goods, property, or interest insured is specified; - opposed to open policy.
By Oddity Software
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A policy in which the value of the goods, property, or interest insured is specified; - opposed to open policy.
By Noah Webster.
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A policy Is called "valued," when the parties, having agreed upon the value of the interest insured, in order to save the necessity of further proof have inserted the valuation In the policy, in the nature of liquidated damages. 1 Duer, Ins. 97.
By Henry Campbell Black
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