Valued policy

Valued policy
Policy Pol"i*cy, n. [F. police; cf. Pr. polissia, Sp. p['o]lizia, It. p['o]lizza; of uncertain origin; cf. L. pollex thumb (as being used in pressing the seal), in LL. also, seal; or cf. LL. politicum, poleticum, polecticum, L. polyptychum, account book, register, fr. Gr. ? having many folds or leaves; ? many + ? fold, leaf, from ? to fold; or cf. LL. apodixa a receipt.] 1. A ticket or warrant for money in the public funds. [1913 Webster]

2. The writing or instrument in which a contract of insurance is embodied; an instrument in writing containing the terms and conditions on which one party engages to indemnify another against loss arising from certain hazards, perils, or risks to which his person or property may be exposed. See {Insurance}. [1913 Webster]

3. A method of gambling by betting as to what numbers will be drawn in a lottery; as, to play policy. [1913 Webster]

{Interest policy}, a policy that shows by its form that the assured has a real, substantial interest in the matter insured.

{Open policy}, one in which the value of the goods or property insured is not mentioned.

{Policy book}, a book to contain a record of insurance policies.

{Policy holder}, one to whom an insurance policy has been granted.

{Policy shop}, a gambling place where one may bet on the numbers which will be drawn in lotteries.

{Valued policy}, one in which the value of the goods, property, or interest insured is specified.

{Wager policy}, a policy that shows on the face of it that the contract it embodies is a pretended insurance, founded on an ideal risk, where the insured has no interest in anything insured. [1913 Webster]


The Collaborative International Dictionary of English. 2000.

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Look at other dictionaries:

  • valued policy — n: an insurance policy in which the insurer and insured agree on a stated amount that will be paid in the event of a future loss instead of an amount that would have to be proven as the actual loss Merriam Webster’s Dictionary of Law. Merriam… …   Law dictionary

  • valued policy — UK US noun [C] INSURANCE ► VALUED INSURANCE(Cf. ↑valued insurance) …   Financial and business terms

  • Valued policy — Val ued pol i*cy (Fire Insurance) A policy in which the value of the goods, property, or interest insured is specified; opposed to {open policy}. [Webster 1913 Suppl.] …   The Collaborative International Dictionary of English

  • valued policy — Insurance policy in which a definite valuation is by agreement of both parties put on the subject matter of the insurance and written in the face of the policy and such value, in the absence of fraud or mistake, is conclusive on the parties. One… …   Black's law dictionary

  • valued policy — noun Etymology: from past participle of value (II) : an insurance policy in which the insurer and insured agree upon a stated value in advance of a loss to be accepted as the measure of liability in case of a total loss * * * Insurance. a policy… …   Useful english dictionary

  • Valued-policy law — (Fire Insurance) A law requiring insurance companies to pay to the insured, in case of total loss, the full amount of the insurance, regardless of the actual value of the property at the time of the loss. [Webster 1913 Suppl.] …   The Collaborative International Dictionary of English

  • valued policy law — n: a law requiring insurance companies to pay to the insured in case of total loss the full amount of insurance regardless of the actual value of the property at the time of the loss Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • Valued Policy Law - VPL — A statute that requires insurance companies to pay the full value of the insurance to an insured entity in the event of a total loss. The Valued Policy Law does not consider the actual value of the insured property at the time of the loss;… …   Investment dictionary

  • valued policy — A policy of insurance in which the value of the subject matter insured is fixed by agreement and stated in the policy. 29A Am J Rev ed Ins § 1586. If there is anything in the policy which clearly indicates an intention on the part of the insurer… …   Ballentine's law dictionary

  • valued policy — Insurance. 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. [1755 65] * * * …   Universalium

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