| 释义 |
valued policy
An insurance policy that specifies the value of the property insured as agreed between the parties. A policy is not valued merely because it specifies an amount as the sum insured, for that is no more than an estimate of value by the person insured. The essence of a valued policy is that it is based on an agreed valuation, which is conclusive; the insured will recover its full amount even if this exceeds the actual value of the property at the time of loss. |