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.]

---

词条贡献者

双语律师容远，毕业于法国一流的高级翻译学院，擅长翻译各类与公司治理相关的法律文件。