valued policy
- A type of insurance policy where the amount to be paid to the insured party in case of a future loss is pre-agreed upon between the insured and the insurer, rather than being determined based on the quantifiable financial loss
- After the home was destroyed by the fire, the family was thankful they had a valued policy that covered the full agreed-upon amount.
- Since she had a valued policy for her rare art collection, she received the pre-established amount from the insurance when it was stolen.
- The business owners opted for a valued policy to ensure they received a fixed amount in case of property damage, rather than having to prove the extent of their financial loss.
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