Valued Policy

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Valued Policy

An insurance policy that pays a specified amount in the event of a loss, regardless of the value of the loss. For example, a life insurance policy may pay $100,000 upon the death of the insured, regardless of when or how the death occurs.
References in periodicals archive ?
These valued forms state that the insurer of direct physical damage coverage must first pay or "admit liability" for a loss to the insured property before the business interruption claim is validated.
Valued forms also may be useful for companies--such as biotech research operations--that are often operating at a net loss while conducting research or developing new products.
Listening to music, whether individually or in a group setting, is one of the most personal and valued forms of entertainment," said Sangchul Lee, senior vice president, Samsung Electronics.