valued policy

An insurance policy in which the sum to be paid when a loss occurs is fixed by the terms of the contract.

• The value agreed on is conclusive for a total loss and provides a basis for determining recovery in cases of partial loss. This value is in the nature of liquidated damages. [Cases: Insurance 2171. C.J.S. Insurance §§ 1108–1109, 1204.]

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词条贡献者

资深译员Betty，毕业于亚洲一流的高级翻译学院，专注翻译各种与商业移民有关的法律文件。