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Glossary > V > "Valued policy" Definition

Valued policy

An insurance policy in which the value of the insured item is defined and agreed at the commencement of the policy. In the event of a total loss the agreed amount is paid by the insurer without the need for further proof of value.

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Valued policy \ An insurance policy in which the value of the insured item is defined and agreed at the commencement of the policy. In the event of a total loss the agreed amount is paid by the insurer without the need for further proof of value.

Valued policy / an insurance policy in which the value of the insured item is defined and agreed at the commencement of the policy. in the event of a total loss the agreed amount is paid by the insurer without the need for further proof of value.