-
Super Moderator
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".
-
NewBie
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.
Tags for this Thread
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules