Valued Policy Law
A law passed by a state legislature requiring that in the event of a total loss to a building, the insurance company pays the face amount of a valued policy, regardless of the actual cash value of the property that was destroyed. It can allow the insured to recover an amount much greater than the actual cash value of the property. This guards against unscrupulous insurers purposely writing in excess of the value of property in order to collect greater premiums.
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