Valued Policy Law

From Ask in Wiki

Jump to: navigation, search

Valued Policy Law Legislation in a number of states requiring insurers to pay the Face Amount of a fire insurance policy in case of total loss to a dwelling (or sometimes another specified type of building), rather than the Actual Cash Value of the loss. Such laws in effect override the principle of Indemnity that normally governs property and liability insurance contracts.

Retrieved from "http://ask.inwiki.org/Valued_Policy_Law"
Personal tools
Life insurance - Property insurance - Auto insurance - Business insurance - Travel insurance