Valued Policy Law
Definition of "Valued policy law"
Legislation in a number of states requiring insurers to pay the face amount of a fire insurance policy in case of total loss to a dwelling (or sometimes another specified type of building), rather than the actual cash value of the loss. Such laws in effect override the principle of indemnity that normally governs property and liability insurance contracts.
Popular Insurance Terms
U.S. government agency (formerly the Atomic Energy Commission) responsible for regulating the nuclear energy industry. The commission also provides supplemental insurance for nuclear ...
Means of selling and servicing property and casualty insurance through agents who represent different companies. The agents own the records of the policies they sell. ...
Person covered under an employee benefit insurance plan. ...
Premiums paid with funds that are not borrowed from life insurance. It is important to ascertain the finance charges and the costs/benefits of such a transaction. ...
Statement submitted to the insurance company to accompany a request for the reinstatement of an insurance policy that has lapsed. This statement certifies that the insured's health has not ...
Person by whose life the duration of an insurance policy, estate trust, or gift is measured. This person is generally referred as the insured in an insurance policy. ...
Liability incurred by a parent by reason of a tort committed by his or her minor child. ...
same as term Lost Policy Receipt: life insurance company form to be signed by a policyholder who wishes to surrender a policy that has been lost. The signed receipt then becomes evidence ...
Automatic nonproportional reinsurance treaty or automatic proportional reinsurance treaty that provides coverage for losses upon which claims are made while the treaty is in force, without ...
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