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
Information generated by the medical information bureau (MIB) and made available to member companies concerning medical information of applicants for life and health insurance. Member ...
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Fund that comes into existence because premiums for ordinary life insurance policies in their early years are higher than necessary for the pure cost of protection. These excess premiums, ...
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