Valued Policy

Plain English Definition: An insurance policy that pays a fixed amount regardless of the actual loss.

What Valued Policy really means for someone with an insurance policy

A Valued Policy specifies a predetermined payout amount for covered losses, simplifying the claims process since the payout isn’t based on actual loss assessment.

Valued Policy Real World Examples

• Life insurance that pays a set amount upon the insured’s death.
• Antique insurance that guarantees a specific value if an item is lost or damaged.
• Art insurance that pays the agreed value for stolen or destroyed artworks.