valued-policy-law
Valued-policy law. (Fire Insurance) Defn: A law requiring insurance companies to pay to the insured, in case of total loss, the full amount of the insurance, regardless of the actual value of the property at the time of the loss.
Valued-policy law. (Fire Insurance) Defn: A law requiring insurance companies to pay to the insured, in case of total loss, the full amount of the insurance, regardless of the actual value of the property at the time of the loss.