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
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Circumstance that produces the loss. ...
Model state regulation that governs method of selling life insurance to prevent fraud or misrepresentation by agents or insurers. A life insurance disclosure model regulation to help buyers ...
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