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Thread: What is a valued policy?

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  1. #1
    Super Moderator PolicyWala's Avatar
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    Feb 2009
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    New Delhi
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    675

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    Sometimes the insured may not be in a position to determine the exact value of the property to be insured. The reasons for this may be various. Under such circumstances both insured and the insurer agree for a basis of valuation which may be more or sometimes less than the actual value of the property. Such policies are called "valued policies".

  2. #2
    NewBie
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    Jul 2012
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    IRELAND
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    It is an insurance policy in which the value of the insured item is defined and agreed at the commencement of the policy. In the event of a total loss the agreed amount is paid by the insurer without the need for further proof of value.

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