Agreed-Value Policy

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Agreed-Value Policy

A property insurance policy stating that if an insured event occurs, the insurance company will pay either the amount to repair or replace the property or a set maximum, which is called the agreed amount. In general, a policyholder pays a higher premium for a higher agreed amount.
References in periodicals archive ?
Some of the more well-known bikes that qualify for Agreed Value policies at Progressive are made by Big Bear Choppers, Bourget's Bike Works and Orange County Choppers.